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This is the Commodities, Scrap Metal, Recycling and Economic Report by our BENLEE roll off trailers and gondola trailers, August 29th, 2022.
U.S. weekly crude steel production rose to 1.756MT, but was below last year. This was on a slow economy and imports in the market.
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 fall. It rose to 108.8 on Friday, near this week’s 20 Year high of 109. This was driven by the Federal Reserve’s commitment to raise rates to slow the economy.
WTI crude oil price rose to $93.06/b as OPEC said they may cut production if the slowing economy hurts demand.
The U.S. weekly oil rig count rose to 605. The very slow trend up continues as this slow trend continues to support optimal price and profits.
U.S. weekly crude oil production fell to 12.0Mb/d, as the very slow trend up continues.
Scrap steel #1 HMS was steady at $333/GT. There are both positive and negative price pressures in the market.
Hot rolled coil steel price rose slightly to $40.35/cwt, $807/T on steady to declining demand.
Copper price rose to $3.69/lb., after hitting a 20-month low in mid-July. This was on low inventories, and production cuts due to soaring energy costs.
Aluminum price rose to $1.13/lb., $2,393/mt about 40% off March’s record high. This was as the European energy crisis is hurting aluminum production.
Chairman U.S. Federal Reserve Speech Friday. He said coming interest rate hikes will bring a sustained period of below trend growth and will also bring some pain to households and businesses. This is a very important statement.
U.S. July core personal consumption index (PCE). An index that the Federal Reserve follows closely. If slowed to 4.6%, which was below expectations. The economy is clearly slowing which is starting to lower inflation.
U.S. July personal spending fell to a .1% increase, well below forecast and very weak. Housing and travel increased, as gasoline spending declined.
U.S. Q2 GDP (Gross Domestic Product), fell by .6%, better than the initial estimate of -.9%. The economy technically entered a recession in Q2, due to 2 quarters of negative growth are defined as a recession to most. BUT with strong jobs and the most people ever working, it does not feel like a recession.
U.S. U of M consumer sentiment index was revised higher to 58.2. Importantly inflation expectations moderated to 4.8% the lowest in 8 months.
Wall Street’s Dow Jones industrial average fell 1,008 points on Friday to 32,283. This happened as the Federal Reserve Chairman made comments about pain and high interest rates.
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