The primary metals industry contracted in December along with at least 15 other manufacturing industries, according to the latest data from the Institute of Supply Management. While the economy grew for the 128th straight month, manufacturing lagged with the manufacturing price margin index in December decreasing by 0.9pc to 47.2pc compared to the previous month.

 

New orders in manufacturing also declined by 0.4pc in December compared to the previous month to 46.8pc, followed by the production index that decreased by 5.9pc to 43.2pc and new export orders that fell 0.6pc to 47.3pc. On the other hand, the Supplier deliveries index and Inventory index increased by 2.6pc to 54.6pc, and 1pc to 46.5pc, respectively. 

 

The manufacturing PMI contracted for the fifth straight month at a faster level compared to November, marking nine consecutive months of contraction in this sector. The demands in December also contracted with the New Order Index and Inventory Index decreasing faster and the backlog of orders index decreasing for the eighth consecutive month and New export order index contracting for the second month in a row. 

 

Looking at individual commodities, the report indicated that prices for aluminum, copper, scrap metal, and steel products like Hot rolled stainless steel, valves, etc. increased in December.

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