Industrial PVF

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Aluminum results mixed.

Valve prices according to the Producer Price Index were up 0.3% month‐over‐month in October (flat last month). On a year‐over‐year basis, prices were up 2.3% (up 2.8% last month).

Nickel prices have fallen over the past 30 days to @$6.80 per lb. ($7.71 in the last update).

The resin increase scheduled for October didn’t happen and some are forecasting a slight dip in November.

We expect to see a ~5% increase by mid‐2020 on the back of projected steel scrap increases.

Inventory levels are strong, supporting current demand and lead time requirements. No price increases expected through 2019.

Price and lead times will remain flat into 1Q20. Forged steel fitting demand has softened YoY.

The producer price index for copper tube and fittings was up 3.3% month‐over‐month (down 2.4% in the last update) and was down 3.3% year-over‐year (down 4.5% Y/Y last month).

Typical year-end slowing is expected to occur over the next few months.

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