The overall Industrial Production (IP) index on a three month moving average (3MMA), basis ticked up 0.41% month on month and by 0.72% year on year (y/y), in May following a large increase in April and smaller increases in February and March.

US steel production averaged 1.734 million (M), tons per week at an average capacity utilization rate of 73.7% year to date (YTD), in 2017. The most recent four week capacity utilization rate edged-up to 74.6% at an average production rate pf 1.740M tons per week.

World Steel Association (WSA) reports that global crude steel production totaled 143.325 million tonnes (Mt) at a capacity utilization rate (CUR) of 71.8% in May. This was a 0.5 point increase from last Mays’ 71.3% CUR, but down from Aprils recent high of 73.6%

The PPI for all commodities came in at 192.9 off 0.10% month on month (m/m) but up 4.1% year on year (y/y), in May. This was first downward tick after five months of advances.

Total seasonally adjusted (SA), inflation adjusted manufacturing inventories totaled $576,651 million (M) at the end of April, down 0.80% month on month (m/m), but up 0.46% year on year, (y/y).The total manufacturing inventories to shipment ratio (I/S), was 1.38 flat m/m and up 0.03 points y/y.

Worldsteel Association (WSA) reports that global crude steel production totaled 142.08 million tonnes (Mt) at a capacity utilization rate (CUR) of 73.6% in April. This was a 3.1 point increase from last Mays’ 70.5% capacity utilization and the highest since September 2015.