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December 20th 2022

Commodities, Scrap Metal, Recycling and Economic Report December 19, 2022

This is the Commodities, Scrap Metal, Recycling and Economic Report. Brought to you by BENLEE roll off trailers and gondola trailers/open top scrap haulers, December 19th, 2022.

weekly tonnage of raw steel production

U.S. weekly raw steel production rose slightly to 1.635MT, on the very slow growth economy.

U.S. Dollar Index

U.S. Dollar index. U.S. dollar vs. other global currencies. When the U.S. dollar falls, most commodities priced in dollars rises. It fell to 104.5, well off the highs of 90 days ago. It fell partly due to the U.S. slowing the rate of interest rate increases.

Crude Oil

WTI crude oil price rose to $74.29/b on tight supplies, but with recession fears.

Oil Rig Count

The U.S. weekly oil rig count fell to 620, as oil companies are concerned about too much production. Low production brings higher prices and profits when demand is low.

US Field Production of Crude Oil

U.S. weekly crude oil production fell to 12.1Mb/d, in a tight range for the past 7 months. The U.S. Government has started refilling strategic oil reserve, so government purchases are helping offset slowing demand.

AMM Weekly Heavy Melt

Scrap steel #1 HMS price settled at $295/gt, despite an economic slowdown and as U.S. exports are improving. More exports helped by the lower dollar could bring higher prices.

Hot Roll Coil

Hot-rolled coil (HRC) steel price rose to $35.69/cwt, $714.38/T. Steel mills are raising prices to offset higher costs.


Copper price fell to $3.77/lb., but on record low inventories. Increasing recession fears are hurting prices.


Aluminum price fell to $1.08/lb., $2,375/mt on the same recession fears, but on hopes of increased Chinese demand.

China November Industrial Production

China November industrial production rose 2.2% year over year. COVID infections and lock downs hurt production. China is now reducing their lockdown strategy going forward.

U.S. Federal Reserve Interest Rates

U.S. Federal Reserve interest rates. Rose .5% which is 50 bases points to 4.25 to 4.5%, the highest in 14 years. The forecast is to go to 5.1% in 2023, 4.1% in 2024 and 3.1% in 2025.

U.S. November Annual Inflation

U.S. November annual inflation fell to 7.1%, still well above 2% target. Gasoline and electricity rose the most.

U.S. November Retail Spending

U.S. November retail sales a key U.S. economic driver. They fell to 6.5% year over year, the slowest since December 2020. With inflation at 7.1%, this means a major slowing. Furniture, building material and vehicles were down the most.

U.S. November IBD-TIPP Economic Index

U.S. November IBD/TIPP Economic Index increased to 42.9, with under 50 being pessimistic, but people are feeling a bit better about personal finances.

Dow Jones

Wall Street’s Dow Jones Industrial Average fell 556 points to 32,921 the second consecutive weekly loss. This most mostly on fears or a recession due to higher interest rates.


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