Loading price data
This is the Recycling, Scrap Metal, Commodities and Economic Report, March 25th, 2024.
U.S. weekly raw steel production fell slightly to 1.71MT on somewhat steady U.S. manufacturing. U.S. steel mill Wall Street stock prices remain near record highs.
WTI crude oil price fell to $80.63/b. This was on a possible Gaza ceasefire coming, but there are low U.S. gasoline inventories, which could raise prices.
U.S. weekly crude oil production was steady at 13.1Mb/d near the all-time record. The U.S. is maintaining being the #1 oil producer in the world and the U.S. is the #1 exporter of energy in the world and that while refilling the strategic oil reserve.
The U.S. weekly oil rig count fell to 509 on near record production with less rigs, so great productivity per rig.
Scrap steel #1 HMS price was steady at $325/GT on steady global steel production.
Hot-roll coil steel price rose to $41.61/cwt., $832/T on slow, but steady U.S. demand.
Copper price fell to $4.00/lb., despite reduced Chinese production and hopes of higher demand.
Aluminum price rose to $1.05/lb., $2,313/mt. Unlike copper there is higher demand.
Chinese January-February industrial production expanded by 7% vs last year. Computers, communication equipment and motor vehicles grew he most.
U.S. March NAHB/Wells Fargo housing confidence index increased to 51, the strongest in 8 months. This was on a lack of existing inventory that was driving the move to new homes.
U.S. February existing home sale soared 9.5%, to 4.38M annualized, but still very low. Lack of homes for sale helped drive price increase of homes up 5.7% vs last year.
U.S. February industrial production increased .1% from January. Manufacturing, which is 78% of production rose a strong .8%. Utilities decreased 7.5% due to warm weather.
U.S. initial unemployment claims fell to 210,000 with below 300,000 being a good economy. A tight labor market is causing salaries to increased faster than inflation for the past 10 months.
Wall Street’s Dow Jones industrial average rose 761 points to 39,476 hitting new highs during the week. This was driven by the Federal Reserve increased its growth forecast for 2024. They also stated they are targeting three interest rate cuts this year.
Roll off trailers by BENLEE. Tandem axle to eight axle 154,000 GVW roll off trailers. All heavy duty and robust, but optimized to carry the most weight. We have a broad product line to meet your needs. Call us for a quote at 734-722-8100.
This report by Greg Brown is brought to you by BENLEE roll off trailers, gondola trailers, crushed car trailers, lugger trucks, roll off trailer parts and roll off truck parts.
Member