Loading price data
/* CSS Document */
This is the Commodities, Scrap Metal, Recycling and Economic Report by our BENLEE roll off trailers and gondola trailers/open top trailers, November 7th, 2022.
U.S. weekly raw steel production fell slightly to 1.662MT as the economy continues to slow.
WTI crude oil price rose to $92.61/b on reports that the Chinese government is considering an end to its zero COVID policy. End of the policy of shutdowns would bring a higher use of oil.
The U.S. weekly oil rig count rose to 613. The very slight trend up continues, but it is still well off 2014’s 1,609 record.
U.S. weekly crude oil production fell to 11.9Mb/d about flat for the past 7 months and well off pre-COVID. Word of increased U.S. production has not yet happened. Weekly crude oil exports, yes exports hit a record 5.1Mb/d the week of 10/21/22. Exports are great for U.S. oil industry jobs.
Scrap steel #1 HMS price is estimated to fall to about $303/GT on slowing U.S. & global demand.
Hot-rolled coil steel price fell to $33.90/cwt., $678/T, back to 2017 prices. This was on slowing demand and cheaper imports into the U.S.
Copper price surged to $3.70/lb.; a two Month high. This was on the reports of the Chinese government considering an end to their zero COVID policy.
Aluminum price rose to $1.07/lb., $2,355mt as the second largest global aluminum extruder entered bankruptcy.
China’s October Composite, total economy Caxin growth index fell to 48.3 with under fifty being contraction. This was driven by COVID lockdowns. Factory activity shrank for the third month.
U.S. October ISM manufacturing purchasing manager’s index fell to 50.2, with the slowest growth in factory activity since mid-2020. Higher interest rates are slowing activity, like the major slowdown after the 2018 tax cut.
U.S. October New Jobs Report fell to 261,000, above forecast, which concerns the Federal Reserve. The Federal Reserve wants a looser job market to slow wage growth to slow inflation. Healthcare, Professional services, manufacturing and leisure added the most jobs.
U.S. October unemployment rate rose to 3.7% which crazy, but the federal reserve likes this rise. More unemployed, means less wage growth which brings less inflation.
U.S. October labor force participation rate. This is people 16 years old or older that are working or looking for work. It fell to 62.2% well off pre-COVID and off previous highs. 62.2% means 37.8% of people are not working or even looking for work. This is driving inflation.
Wall Street’s Dow Jones Industrial average fell 465 points to 32,403. This was caused the new jobs report being higher than forecast. That cased a hint by the Federal Reserve that December interest rate hike could be another .75%.
Roll off truck parts and trailer parts are for sale at BENLEE. Galbreath, Galfab, American, Palfinger, Dragon and more. Tarp systems and Tarp parts too. Pioneer, Roll Rite, Donovan, Aero and more. Order online or call BENLEE. Rollers, pulleys, cables, winch straps, tarps, arms, motors, and cylinders.
Member