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August 2nd 2022

Commodities, Scrap Metal, Recycling and Economic Report August 1, 2022

This is the Commodities, Scrap Metal, Recycling and Economic Report by our BENLEE roll off trailers and gondola trailers, August 1st, 2022.

weekly tonnage of raw steel production


U.S. weekly crude steel production rose to 1.754MT, as the slowing U.S. economy is hurting demand.


U.S. Dollar Index


The U.S. Dollar index. The U.S. dollar vs. other global currencies. When the U.S. dollar index rises, commodity prices in dollars usually falls. It fell to 106.5 but remains near the 20-year high. U.S. continues to raise rates, helping to support higher dollar, but future interest rate hikes could be slower.


Crude Oil


WTI crude oil price rose to $98.62, down 4% for the month, after 8% down in June. This was on tight supplies, but concerns of an economic slowdown. OPEC is meeting this week. It is not clear if they will further increase production.


Oil Rig Count


The U.S. weekly oil rig count rose to 605, as the slow trend up continues to maximize shareholder returns. Oil companies are reporting record or near record profits for the 2nd quarter.


US Field Production of Crude Oil


U.S. weekly crude oil production rose to 12.1Mb/d, as there were also record U.S. oil exports of 4.55Mb/d and 6.1Mb/d imports. The slow trend up continues to maintain tight supplies.


AMM Weekly Heavy Melt


Scrap steel #1 HMS price was steady at $360/GT. There is slight downward pressure on weakening demand.


Hot Roll Coil


Hot rolled coil steel price fell to $40.67/cwt, $813/T on slowing demand and exports taking market share.




Copper price rose to $3.59/lb. New China stimulus is expected and on future supply concerns.




Aluminum price rose to $1.13/lb., $2,497/mt, down about 40% from the peak. This was on recession fears and as the Chinese increased aluminum production.


China July NBS Manufacturing PM Index


China July NBS Manufacturing Purchasing Manager’s Index fell to 49 with under 50 meaning contraction. This was with COVID lockdowns and new orders, exports, and employment all down. Related, China July homes sales plunged 39.7% vs. last July.


U.S. Federal Reserve Interest Rates


U.S. Federal Reserve interest rates rose .75% to 2.25-2.5-% but are still extremely low. Federal Reserve is currently planning for 3-3.5% rates by the end of 2022.


U.S. 2nd Q GDP


U.S. 2nd Q GDP, Gross Domestic Product. It fell to a negative to .9%. The 2nd quarter in a row of decline meets one definition of a recession. While the economy is clearly slowing, decent job growth continues. The negative GDP data was driven down by companies reducing inflated inventories.


U.S. Personal Consumption Expenditure


U.S. personal consumption expenditure (PCE) index, which is a key index the Federal Reserve follows. It rose to 6.8%, the highest in 40 years. Food was up 11.2%, energy up 43.5%. Excluding both called Core PCE, it rose 4.8%.


U.S. June New Orders For U.S. Made Capital Goods


U.S. June New Orders for U.S. made capital goods. Rose 1.9% from May, the 4th consecutive monthly increase. Transportation equipment led the increase.


Dow Jones


Wall Street’s Dow Jones industrial average rose 946 points to 32,845 as U.S. negative Q2 GDP could cool the rate of interest rate hikes.




Roll off truck and trailer parts for sale at BENLEE. Galbreath, Galfab, Palfinger, American, Dragon and more. Rollers, pulleys, sheaves, pins, tarps, arms, motors, tie downs and more. Order online at benlee.com or call 734-722-8100.