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November 29th 2022

Commodities, Scrap Metal, Recycling and Economic Report November 28, 2022


This 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 28th, 2022.

 

weekly tonnage of raw steel production

U.S. weekly raw steel production fell to 1.628MT as demand is slowly declining.

 

Crude Oil

WTI crude oil price fell to $76.28/b, near about an 11-month low. China’s COVID lockdowns are hurting demand. Europe’s December 5th ban on Russian oil could increase oil prices.

 

Oil Rig Count

The U.S. weekly oil rig count rose to 627 as the slow trend up keeps supplies tight. Tight supplies bring higher prices and profits but brings higher inflation.

 

US Field Production of Crude Oil

U.S. weekly crude oil production was steady at 12.1mb/d about flat for the past 7 months. Production should begin increasing in the coming weeks. Also, crude oil exports from the U.S. remain near record levels.

 

AMM Weekly Heavy Melt

Scrap steel #1 HMS price was steady at $275/GT. Price pressure both up and down remain for December.

 

Hot Roll Coil

Hot-rolled coil steel price fell to $31.91/cwt., $638/T on slowing demand.

 

Copper

Copper price fell to $3.62/lb., on weaker Chinese demand but supplies remain tight.

 

Aluminum

Aluminum price fell to $1.07/lb., $2,349/mt on the same weaker Chinese demand.

 

Euro Area Consumer Confidence

Euro Area consumer confidence, an economy about the size of the U.S. rose to -23.9, but it’s still very low. This was on soaring inflation and the Ukraine war pulling the economy down.

 

U.S. November S&P Manufacturing PM Index

U.S. November S&P manufacturing purchasing manager’s index fell to 47.6 with under 50 being contraction. Output fell due to pressure from inflation and economic uncertainty. Also, labor remains tight, but business confidence improved.

 

U.S. October Durable Goods Orders

U.S. October durable goods orders rose 1% vs. September, the biggest rise in 4 months, driven by higher transportation equipment.

 

U.S. October Home Building Permits

U.S. October home building permits fell to 1.526M annualized, the lowest since June 2020 on soaring prices and higher mortgage rates.

 

U.S. Weekly Initial Unemployment Claims

U.S. weekly initial unemployment claims rose to 240,000 the highest since August. It’s sad, but the Federal Reserve likes this. The more unemployed people mean more people are willing to work for less money, so less inflation.

 

Dow Jones

Wall Street’s Dow Jones Industrial Average rose 601 points to 34,347. That is still off the highs from January, but it’s well above pre-COVID. This was partly caused by the Federal Reserve continues to signal smaller interest rates are coming.

 

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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