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, March 20th, 2023.
U.S. weekly raw steel production rose to 1.677MT with a capacity utilization rate of 75%. Mills are maintaining great quality and high profits at low utilization rates.
WTI crude oil price fell to hard to $66.74/b., the lowest since December 2021. This was on concerns of global slowing, but optimistic on Chinese growth.
The U.S. weekly oil rig count fell to 589. Low investment in new rigs supports outstanding profits.
U.S. weekly crude oil production was steady at 12.2Mb/d. There has been steady production during uncertain future demand.
Scrap steel #1 HMS price settled at $390/GT on good demand and improving supply.
Hot-rolled coil steel price rose to $57.50/cwt., $1,150/T. Higher scrap costs and tight supply is allowing higher prices.
Copper price fell to $3.89/lb., on concerns of a slowing economy and the Chinese missed their growth targets.
Aluminum price fell to $1.04/lb., $2,283/mt., on increased Chinese production and global economic slowing.
Chinese January to February, industrial production rose 2.4% over last year, which was below forecast. Manufacturing output rose while utilities and mining slowed.
U.S. February industrial production was unchanged vs. January. Capacity utilization was steady at 78%, which was 1.6% below average. Manufacturing rose .1% while publishing and logging fell. The slowing economy is helping reduce inflation.
U.S. March U of M consumer sentiment fell to 63.4 the first drop in 4 months. Both current conditions and expectations worsened, but both year ahead and future expectations of inflation improved.
U.S. February housing starts surged 9.8% to 1.45M annualized, the highest in 5 months. Mortgages remain high, note demand is good. But starts were 18.4% lower than last February and below the level of the 1960s.
February Producer Price Index fell to 4.6% year-on-year, lower than forecast and actually fell .1% from January. This was the lowest since March 2021. Inflation is clearly slowing.
Wall Street’s Dow Jones Industrial Average fell Forty-eight points to 31,862 on major instability in banks and the economy.
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