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August 23rd 2022

Commodities, Scrap Metal, Recycling and Economic Report August 22, 2022

This is the Commodities, Scrap Metal, Recycling and Economic Report by our BENLEE roll off trailers and gondola trailers, August 22nd, 2022.

weekly tonnage of raw steel production


U.S. weekly crude steel production rose to 1.742MT. Production remains under pressure with a slowing economy and cheaper imports.


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 rose to 108.2, near the 20 year high from about 5 weeks ago. The Federal Reserve commented this week that there is another .75% interest rate increase coming in September.


Crude Oil


WTI crude oil price fell to $90.77/b on recession fears, China shutdowns for COVID and draught causing energy shortages.


Oil Rig Count


The U.S. weekly oil rig count was steady to 601. The slow trend up minimizes capital expense bringing better shareholder returns.


US Field Production of Crude Oil


U.S. weekly crude oil production fell to 12.1Mb/d. The slow trend up continues. Staying slow brings great oil company profits.


AMM Weekly Heavy Melt


Scrap steel #1 HMS price steady at $333.33/GT. The slowing economy and cheaper imports are pressuring prices.


Hot Roll Coil


Hot rolled coil steel price fell to $40.13 cwt, $803/T. This was on a slowing economy and cheaper imports.




Copper price fell to $3.67/lb. on China’s economic concerns over their heat wave and draught. The lack of hydro power has forced factory shutdowns.




Aluminum price fell to $1.08/lb., $2,386/mt near a 1 year low. This was on recession fears and Chinese record production.


china july industrial production copy


China July Industrial production growth fell to 3.8% vs. last year, which was below forecast. The slow growth was due to COVID restrictions. China lowered, yes lowered interest rates last week and this morning to boost their economy.


Philadelphia Federal Reserve Aug. U.S. Manufacturing Index copy


Philadelphia Federal Reserve August U.S. manufacturing index rose to 6.2 from July’s -12.3. General activity turned positive, but the new orders index was negative. Employment increased, as the price index fell with expectations of further declines.


U.S. July Retail Sales


U.S. July Retail sales were flat, as gasoline sales tumbled as prices dropped 7.7%.


U.S. July Housing Starts


July housing starts fell 9.6% to 1.446 million units annualized on higher mortgage rates and higher prices.


U.S. Weekly Jobless Claims


U.S. weekly jobless claims fell to 250,000 with under 300,000 considered a healthy economy. The 4-week moving average that removes volatility also fell by 2,750.


Dow Jones


Wall Street’s Dow Jones industrial average fell 54 points after a huge drop Friday. The Federal Reserve made it clear interest rates will rise due to inflation.


Lugger Trucks by BENLEE


Lugger trucks by BENLEE, which were previously Huge Haul and Heil lugger trucks. Call us for a quote on our Load lugger branded hoists. You can also rent or buy a great used lugger truck at Premier Truck sales and rental.