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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, January 2, 2023.
U.S. weekly raw steel production fell to 1.614MT on slowing economic activity.
WTI crude oil price rose to $80.26/b as Russia began banning exports to countries adopting the $60/b price cap enacted by the G7.
The U.S. weekly oil rig count fell to 621. Oil companies are keeping the rig count low to support higher prices and profits.
U.S. weekly crude oil production fell to 12.0Mb/d., in a tight range for 8.5 months. Companies are not adding the 1Mb/d that was discussed months ago to lower prices. U.S. oil companies had the best year in history on Wall Street.
Scrap steel #1 HMS price was steady at $295/GT. There is both upward and downward price pressure for January.
Hot-rolled coil (HRC) steel price fell to $35.50/cwt., $710/T. Slowing U.S. demand is pressuring prices lower.
Copper price rose to $3.82/lb., on a slowing economy, but on supply concerns and low inventories.
Aluminum price rose slightly to $1.08/lb., $2,378/mt on the same slowing economy and supply concerns.
China’s December NBS Manufacturing Purchasing Manager’s index fell to 47 with under 50 being contraction.
U.S. November new home sales surged 5.8% to 640,000 annualized. People are buying before possibly even higher interest rates.
U.S. November durable goods orders fell by 2.1% from October. Transportation equipment fell the most.
U.S. November goods trade deficit narrowed by 15.6%, the largest decline since 2009. Imports tumbled 7.6% as Americans spending on goods decreased. Exports fell a slower 3.1% led by industrial supplies.
U.S. November PCE, Personal Consumption Price Index, the Federal Reserve’s most looked at inflation gauge. It increased 5.5% vs last year, the slowest increase in 13 months. Food was up 11.2% and energy was up 13.6%.
U.S. December U of M Consumer Sentiment Index was revised higher to 59.7. The 5-year outlook on inflation was revised lower to 2.9%. Expectations were revised higher and current conditions were revised lower.
Wall Street’s Dow Jones Industrial Average rose 226 points to 33,147. It was the worst year since 2008. Record fast interest rate hikes are slowing the economy and profits.
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