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This is the Commodities, Scrap Metal, Recycling and Economic Report by our BENLEE roll off trailers and gondola trailers, July 25th, 2022.
U.S. weekly crude steel production fell to 1.738MT on a slowing economy and imports taking market share.
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 fell slightly to 106.73, remaining near a 20-year high. This was as U.S. business activity contracted and the EU, European Union, raised interest rates for the first time since 2011.
WTI crude oil price fell to $94.70/b on global demand fears and lower U.S. gasoline demand.
he U.S. weekly oil rig count was steady at 599. There is only a slight trend up, to support long term profits.
U.S. weekly crude oil production fell to 11.9Mb/d as oil companies remain committed to keeping the high price, high profit balance.
Scrap steel #1 HMS price was steady at $360/GT. This was on slowing demand as scrap imports take U.S. market share.
Hot rolled coil steel price fell to $43.04/cwt, $861/T. This was on falling demand and imports taking market share.
Copper price rose to $3.32/lb., off last week’s 20-month low. It was helped by China’s support of the property sector, but as global recession fears remain.
Aluminum price rose to $1.12/lb., $2,469/mt. on the same China support of markets.
China Q2 GDP economic growth. It slowed to .4% growth, vs. last year, the slowest growth since Q1 2020 for COVID shutdowns. Note that slow Chinese growth causes slow global growth as well.
U.S. S&P July Composite PMI, a total economy measure. It fell to 47.5%, with under meaning 50 contraction. This was the largest decline since the start of COVID. Manufacturers and service providers reported lower demand. Also, there were reports of staff cuts, as price inflation eased, but business confidence was the lowest since September 2020.
U.S. July NAHB housing market index, which is home builders’ sentiment. It fell to 55, the lowest since May 2020 on high costs, production bottlenecks and higher interest rates.
U.S. June housing starts fell to 1.56M annualized, the lowest since September. This was on the same high costs and higher interest rates.
U.S. weekly initial unemployment claims rose to 251,000, the highest in 8 months. While still a small number, the direction shows the economy is slowing.
Wall Street’s Dow Jones industrial average rose 611 points to 31,899 as recession fears mount, but markets rose.
Gondola trailers, scrap haulers by BENLEE. 48’ and 53’ are the most common, but others are available. 8’ high are the most common as well, but we build whatever you need.
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