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Data & Reports Midwest News Uncategorized Updates

Cutting-Tool Demand Drops again in May, but at slower pace

TMA Media July 21, 2020
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The American Machinist reports Tuesday, “Cutting-Tool Demand Drops -36% in May” – but the news is not all bad.

U.S. machine shops and other manufacturers purchased $136.6 million worth of cutting tools during May, a -4.4% drop in consumption from the April total — $142.9 million, which had been a -24.7% drop from the previous month. The May result also marks a -36.0% decrease from $213.4 million recorded for May 2019.

“The cutting tool market in May continued to shrink from April but at a much slower pace,” observed Phil Kurtz, vice president of Business Development for cutting-tool developer Dormer Pramet. “We are now starting to see some market segments begin to stabilize and those segments should start to recover slowly in the months ahead.

“It is very possible April and May will represent the bottom of the cycle, but considering the volatility of the current market only time will tell,” according to Kurtz.

Read more at American Machinist