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his is the Commodities, Scrap Metal, Recycling and Economic Report. Brought to you by BENLEE roll off trailers and gondola trailers/open top scrap trailers, November 21st, 2022.
U.S. weekly raw steel production rose slightly to 1.645MT as demand continues to slow.
WTI crude oil price fell to $80.08/b on a weakening demand outlook.
The U.S. weekly oil rig count rose to 623 as the slow trend up continues.
U.S. weekly crude oil production was steady at 12.1mb/d staying in a tight band for 6 months. Increased drilling that we just reviewed will bring more production.
Scrap steel #1 HMS price was steady at $275/GT as demand remains at a lower level.
Hot-rolled coil steel price fell to $32.50/cwt., $650/T. This was on weaker demand and lower scrap metal prices.
Copper price fell to $3.64/lb., off the recent 5 month high. This was on demand concerns in China, but prices remain fairly high.
Aluminum price fell to $1.10/lb., $2,241/mt., on global demand concerns.
China October industrial production expanded at 5% vs last year. This was the highest in 7 months, despite COVID lockdowns. Ferrous metal smelting rose 12.2% and nonferrous rose 6.8%.
U.S. October housing starts fell to 1.425M units annualized, 8.8% below last October. Starts were down, but while they are at the level of the 1960s, they are still fairly high.
U.S. October industrial production increased 3.3% from last October. This was the smallest increase since last January, but still higher than after the huge tax cut of 2018.
U.S. October retail sales, which are a major economic driver. They rose 8.3% from last October. This was despite high inflation and higher borrowing costs, as consumers increased personal debt to fund purchases.
U.S. Producer wholesale price index, not consumer price index. Note this is an interesting chart going back to the 1950’s. The increase eased to 8% the lowest since July, but it is still too high.
Wall Street’s Dow Jones industrial average fell 2 points to 33,746. This was as Federal Reserve governors commented that higher interest rates were coming, which are needed to further slow the economy, to slow inflation.
Two container trailers, roll off trailers are back in stock at BENLEE. These are great for long hauls to increase productivity. Call us at 734-722-8100 for a quote.
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