Steel Products Prices North America
July 14, 2023
CRU Aluminum: Searching for Optimism
Written by Matthew Abrams
With demand trending lower throughout out the first half of 2023, the aluminum industry is searching for something to be optimistic about. Recent economic news is leaning positive, with inflation slowing across multiple measures including the Producer Price Index (PPI) and manufacturing final goods’ pricing. Personal consumption expenditure has slowed from its peak but sustained a healthy growth level. The US consumer savings rate has ticked back up with consumers starting to rely more and more on credit. This culminated into lower readings on the misery index and more positivity amongst consumers. Most importantly, the Federal Reserve has hinted that it will hold off on raising the federal funds rate after one last 25 basis-point hike in July.
