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November 15th 2022

Commodities, Scrap Metal, Recycling and Economic Report November 14, 2022


This is the Commodities, Scrap Metal, Recycling and Economic Report by our BENLEE roll off trailers and gondola trailers/open top trailers, November 14th, 2022.

 

weekly tonnage of raw steel production

U.S. weekly raw steel production fell to 1.64MT on the slowing U.S. and global economy.

 

U.S. Dollar Index

U.S. dollar index. Strength of the U.S. dollar vs. other global currencies. It fell to 106.3 on the belief that inflation is slowing. Lower inflation brings lower interest rates, which weakens the U.S. dollar. A weaker U.S. dollar increases the cost of imports and lowers the cost of exports.

 

Crude Oil

WTI crude oil price fell to $88.96/b. but remains high. This was on tight supplies, along with relaxing some China COVID restrictions.

 

Oil Rig Count

The U.S. weekly oil rig count rose to 622 with the slow trend up. Europe ends Russian oil purchases on December 5th so U.S. exports will increase, and prices could remain high and go higher.

 

US Field Production of Crude Oil

U.S. weekly crude oil production rose to 12.1Mb/d, in a tight range for the past 6.5 months. It could now rise with the Russian oil ban just discussed as we export more to Europe.

 

AMM Weekly Heavy Melt

Scrap steel #1 HMS price fell to about $275/GT on falling demand with scrap imports competing with U.S. scrap. The lower U.S. dollar will reduce imports and help scrap exports which could raise U.S. scrap prices.

 

Hot Roll Coil

Hot-rolled coil steel price fell to $32.75/cwt, $655/T on lower demand as the economy slows.

 

Copper

Copper price rose to $3.94/lb., the highest since June. Lower inflation supports demand and there are record low copper inventories. Note that higher copper prices typically forecast good economic growth.

 

Aluminum

Aluminum price rose to $1.12lb., $2,476/mt as lower inflation is bringing economic optimism.

 

China October Imports

China October imports. Note that China imports and exports are massive. They fell .7% the first contraction since August 2020, which hurts global growth. Soybeans and copper were down as oil, coal and iron ore rose.

 

U.S. November U of M Consumer Sentiment Index

U.S. November U of M consumer sentiment index. It fell to 54.7 as current conditions sank. Inflation expectations for the year ahead rose to 5.1%, as 5-year expectations rose to 3%. The Federal Reserve hates the 5 year 3%, which they want to be about 2%.

 

U.S. October NFIB Small Business Optimism Index

U.S. October NFIB small business optimism index fell to 91.3 a three month low and well off 2018’s high. Inflation remains the #1 concern, but they are still hiring new workers.

 

U.S. October Annual Consumer Price Inflation (CPI)

U.S. October annual consumer price inflation, CPI. It slowed to 7.7% the lowest since January. Core inflation fell to 6.3%. Gasoline, food and used cars rose slower. Commodities and medical services pushed inflation lower.

 

U.S. Initial Unemployment Claims

U.S. Initial Unemployment claims rose to 225,000, the highest in 4 weeks. It is still low, but the increase is liked by the Federal Reserve, which wants more people unemployed, that helps lower wages, so lower inflation.

 

Dow Jones

Wall Street’s Dow Jones industrial average rose 1,345 points to 33,748, up a big 4% for the week. Lower inflation could bring a .5% interest rate increase in December vs. .75%.

 

SuperMini Long

Want to carry 21.5+ tons on a short roll off trailer? The BENLEE Super Mini long triaxle is a short 33’, not 40’. It legally picks up 21.5+ tones. Call BENLEE for a quote.

Metal Test Magnet With Handle 18 lb N52 Grade Neodymium Rare Earth

Metal Test Magnet With Handle 18 lb N52 Grade Neodymium Rare Earth

Industrial Test Magnet 30 lb N52 Grade Neodymium Rare Earth With Handle

Industrial Test Magnet 30 lb N52 Grade Neodymium Rare Earth With Handle

Metal Test Magnet

Metal Test Magnet

Metal Test Magnet

Metal Test Magnet

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