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November 29th 2023

Commodities, Scrap Metal, Recycling and Economic Report November 27, 2023


This is the Commodities, Scrap Metal, Recycling and Economic Report, November 27th, 2023.

weekly tonnage of raw steel production

U.S. weekly raw steel production rose slightly to 1.696MT on continued slowing U.S. manufacturing.

Crude Oil

WTI crude oil price fell to $75.18/b. on the slow growth in demand and robust supply from non-OPEC countries including the U.S.

Oil Rig Count

The U.S. weekly oil rig count was steady at 500, well off 2014’s 1,609 record high. This was on higher productivity per well and disciplined production limits.

US Field Production of Crude Oil

U.S. weekly oil production was steady at 13.2Mb/d., for the 7th week, the all-time record high. U.S. oil companies are being careful to not upset OPEC. If the U.S. takes too much market share from OPEC, OPEC will flood the market, which will lower prices and hurt U.S. oil companies.

AMM Weekly Heavy Melt

Scrap steel #1HMS price rose to $340/GT with slight upward price pressure for December.

Hot Roll Coil

Hot-rolled coil steel price rose to $48.18/cwt., $964/T on higher iron ore prices, but slow demand.

Copper

Copper price rose to $3.70/lb., on lower inventories, Chinese Government stimulus and the lower U.S. Dollar.

Aluminum

Aluminum price rose slightly to $1.01/lb., $2,230/mt. on short supply concerns, Chinese government stimulus and the lower U.S. Dollar.

U.S. November S&P Manufacturing Index

The U.S. November S&P manufacturing index, fell to 49.4, with under 50 being contraction. This on improved supply chains, so excess inventories are down.

U.S. U of M November Consumer Sentiment Index

U.S. U of M November consumer sentiment index was revised higher, but only 61.3, the lowest since May. Consumer sentiment is better, but feelings on business conditions deteriorated. Also, inflation is factually down, yet consumers think it is getting worse. Note that gasoline is 30 cents/gallon cheaper today than last year.

U.S. October Existing Home Sales

U.S. October existing home sales sank to 3.79M annualized, the worst since 2010 and the levels of the 1970s, 53 years ago. This was on low inventory and the highest mortgage rates in 20 years.

U.S. October New Orders Manufactured Durable Goods

U.S. October New orders for manufactured durable goods plummeted by 5.4% vs September, the largest fall since April. Transportation equipment fell 18.8%, which was mostly civilian aircraft and vehicles.

U.S. Weekly Initial Unemployment Claims

U.S. weekly initial unemployment claims fell to 209,000, with under 300,000 meaning a good growth economy. The job market remains tight, which is inflationary, but great for workers.

Dow Jones

Wall Street’s Dow Jones Industrial average rose 443 points to 35,390. This was on the slowing U.S. economy that could bring an end to interest rate hikes.

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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