Davis Index: Market Intelligence for the Global Metals and Recycled Materials Markets

The demand for manufactured goods in the US rose in February compared to the previous month according to the latest purchase managers index (PMI) data released by the Institute of Supply Management (ISM).


According to the data released on Monday, the US manufacturing industry increased its pace of growth for the ninth successive month in February, with the PMI registering a 2.1 percentage points increase to 60.8pc from 58.7pc in the prior month.

The February high was led by growth in fabricated metals, transportation equipment, computers, and electronics products, chemicals, and food, beverage, and tobacco products industries, ISM noted. Petroleum and coal products and printing were the only two industries that contracted last month.


Overall demand, consumption, as well as order books, increased across most industries last month, compared to January.


New export orders increased by 2.3 percentage points to 57.2pc last month from 54.9pc in January while imports inched down by 0.7 percentage points to 56.1pc from 56.8pc during the same monthly timeframe.


Commodities prices rise

The ISM price index rose by 3.9 percentage points in February to 86pc from 82.1pc in the prior month, registering its highest reading since July 2008, the ISM indicated. The prices of metals across all industries rose in February with aluminum, aluminum extrusions and capacitors, copper, steel, cold-rolled and hot-rolled steel, ferrous scrap, stainless steel, and other ferrous products all reporting increased prices during the month.

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