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August 8th 2022

Commodities, Scrap Metal, Recycling and Economic Report August 8, 2022

This is the Commodities, Scrap Metal, Recycling and Economic Report by our BENLEE roll off trailers and gondola trailers, August 8th, 2022.

weekly tonnage of raw steel production


U.S. weekly crude steel production fell to 1.727MT. This was on a slowing U.S. economy with continued 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 106.62, remaining near the 20-year high. The strong recent jobs reports should bring faster and higher interest rates, which strengthens the dollar.


Crude Oil


WTI crude oil price fell to $89.01/b, near Thursday’s 6 month low. This was on the global economic slowdown with a slight OPEC production increase announcement.


Oil Rig Count


The U.S. weekly oil rig count fell to 598 on weaker oil prices. The slow trend up in rigs, with higher demand, brings high prices and high profits, but brings inflation.


US Field Production of Crude Oil


U.S. weekly crude oil production was steady at 12.1Mb/d, 1M less than pre COVID. The slow trend up as stated, brings high prices, profits, and inflation.


AMM Weekly Heavy Melt


Scrap steel #1 HMS price fell to about $340/GT but is still settling on slowing global demand & cheaper U.S. imports.


Hot Roll Coil


Hot rolled coil steel price rose to $41.01/cwt, $821/T on slow demand increases.




Copper price fell to $3.55/lb. on inflation concerns causing a global economic slowdown.




Aluminum price fell to $1.09/lb., $2,416/mt on slowing Chinese manufacturing and higher inventories.


Eurozone July Manufacturing PM Index


Eurozone July manufacturing PM index. Note the Eurozone is about the size of the U.S. economy. It fell to 49.8, with under 50 meaning contraction as new orders and expectations fell.


U.S. July New Jobs Added


U.S. July new jobs added, grew to 528,000, much higher than expected. Leisure, hospitality, and business services grew the most.


U.S. July Unemployment Rate


U.S. July unemployment rate fell to 3.5%, matching pre COVID’s 53 year low. Low unemployment brings wage pressure and inflation.


U.S. July Labor Participation Rate


U.S. July labor participation rate which is the percent of people 16 years old or older, working or looking for work. It fell to 62.1%, so 37.9% are in school or not looking for work. If more people joined the workforce, the economy would grow faster with less inflation.


U.S. July Total Employment


U.S. July total employment rose to 152.5M, which is now the largest work force in American history. This is great economic news, with great upside.


U.S. July Estimated Total Vehicle Sales


U.S. July estimated total vehicle sales rose to 13.35M annualized. Limited semiconductors remain hurting sales.


Dow Jones


Wall Street’s Dow Jones industrial average fell 41 points to 32,804. The larger new jobs report vs. forecast, is pressuring higher interest rates.


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