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This is the Commodities, Scrap Metal, Recycling and Economic Report. Brought to you by BENLEE roll off trailers, gondola trailers and roll off truck parts, January 16th, 2023.
U.S. weekly raw steel production fell to 1.595MT as interest rates rise which is slowing the economy.
U.S. Dollar index. The U.S. Dollar vs. other global currencies. When the index goes down, commodities priced in dollars goes up. It fell to 102.2. It was 12% higher in September, which helps U.S. exports. The lower dollar makes is cheaper for others to buy U.S. goods.
WTI crude oil price rose to $79.86/b., on increased Chinese demand. Record Chinese consumption is expected in 2023.
The U.S. weekly oil rig count rose to 623 but has been fairly steady for two months. Oil companies remain committed to low production. Low production brings low supply, so higher prices.
U.S. weekly crude oil production rose slightly to 12.2Mb/d, remaining in a tight band for 8 months. Steady production and rising demand brings high profits.
U.S. Natural Gas Price fell to $3.49MMBtu, the lowest since June 2021. This was on good production and reduced exports due to a Texas export terminal fire. Lower gas prices bring lower utility prices and lower inflation.
Scrap steel #1 HMS price rose to $335/GT on good export demand. Also, on steady U.S. demand, but with lower scrap supply.
Hot-rolled coil steel price rose to $37.75/cwt, $755/T on slow demand, but higher scrap prices.
Copper price rose to $4.21/lb., the highest in 7 months. This was on higher Chinese demand and concerns over supply shortages. Also, Copper is called, Dr. Copper. The price signals the health of the economy. A question is, how good is it? Price of copper says it is very good.
Aluminum price rose to $1.18/lb., $2,595/mt. on higher Chinese demand.
U.S. December, NFIB small business optimism index, fell to 89, a 6 month low. This was on concerns about the next 6 months, with inflation still the #1 issue.
U.S. December annual inflation fell to 6.5%, the 6th straight decline. Energy increased 7.3%, less than 13.1% in November. Food rose a slower 10.4%, while used cars and trucks actually fell 8.8%.
U.S. weekly initial jobless claims, fell to 205,000 the lowest in three months. Under 300,000 is considered good, so 205,000 means employers are really holding onto workers.
U.S. U of M Consumer sentiment, rose to 64.6 the highest since April. Both current conditions and future expectations were more favorable. A year ahead inflation expectation fell for the 4th month to 4.0%.
Wall Street’s Dow Jones Industrial Average rose 672 points to 34,303 on good corporate earnings. Importantly though, banks are warning of a recession.
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