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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, March 27th, 2023.
U.S. weekly raw steel production rose slightly to 1.686MT which was at a 75.4% capacity utilization rate. Steel mills are keeping supplies low as the economy slows.
WTI crude oil price rose to $69.26/b on robust Russian exports and on U.S. support of banks, which helps the economy.
The U.S. weekly oil rig count rose slightly to 593 as oil producers remain concerned about over supply. Russian increased exports could hurt oil company profits.
U.S. weekly crude oil production rose to 12.3Mb/d in a tight range for the past 10.5 months. Tight supplies and low production are important to high prices and high profits. U.S. exports of oil remain near record levels which is great for U.S. jobs.
Scrap steel #1 HMS price was steady at $390/GT, as supply and demand are mostly balanced. This means little price pressure up or down for April.
Hot-rolled coil steel price rose to $59.46/cwt., $1,189/T. This was as tight supplies are keeping prices high.
Copper price rose to $4.07/lb., on demand rising in China and as exports from Peru sank.
Aluminum price rose to $1.07/lb., $2,348/mt. on low inventories and China’s increasing demand.
Canadian February inflation fell to 5.2% the least since January 2022. Transportation rose slower as energy costs fell. Food remained elevated due to adverse weather conditions.
U.S. Federal Reserve interest rates rose by 25 basis points, .25% to 4.75% to 5.00%, the highest since 2007. There are major concerns about banks’ health that could slow the economy.
U.S. February Existing home sales jumped 14.5% over January to 4.58M annualized. Home prices decreased vs last year on the dip in interest rates and strong job growth.
U.S. S&P manufacturing index increased to 49.1. Since under 50 is contraction, that meant it contracted less. It was the best in 5 months on a renewed rise in orders, as lead times fell the fastest on record.
U.S. weekly initial unemployment claims fell to a very low 191K with under 300K being a strong economy. Companies are holding onto workers means a tight job market. A tight job market brings higher wages, which can bring inflation.
Wall Street’s Dow Jones Industrial Average rose 376 points to 32,238 as concerns over Banks continues.
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