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October 17th 2022

Commodities, Scrap Metal, Recycling and Economic Report October 17, 2022


This is the Commodities, Scrap Metal, Recycling and Economic Report by our BENLEE roll off trailers and gondola trailers/open top trailers, October 17, 2022. Brian Sides reporting while Greg Brown is out of the country.

 

weekly tonnage of raw steel production

U.S. raw weekly steel production fell to 1.68MT as the Federal Reserve works to continue to slow the economy.

 

Crude Oil

WTI crude oil price fell to $85.61/b as recession fears took down global forecasts of oil use.

 

Oil Rig Count

The U.S. weekly oil rig count rose to 610, mostly steady for the past 3+ months. U.S. oil companies are limiting big increases in rigs to maximize profits.

 

US Field Production of Crude Oil

U.S. weekly crude oil production fell to 11.9Mb/d about flat for the past 5.5 months. U.S. oil companies and OPEC are committed to low production to maximize profits.

 

AMM Weekly Heavy Melt

Scrap steel #1 HMS price fell to $313/GT on slowing U.S. and global demand.

 

Hot Roll Coil

Hot-rolled coil steel price rose slightly to $37.42/cwt, $748/T remaining off highs as U.S. demand is slowing.

 

Copper

Copper price rose to $3.41/lb., but recession fears continue. Prices rose on hopes of Chinese government stimulus.

 

Aluminum

Aluminum price fell slightly to $1.04/lb. $2,295/mt on recession fears and Alcoa warning about higher energy prices.

 

U.S. September Annual Inflation

U.S. September annual inflation fell to 8.2% the lowest in 7 months. This was as energy rose 19.8% and food rose 11.2%. But core inflation which excludes food and energy, rose to 6.5% the highest since 1982.

 

U.S. September Retail Sales

U.S. September retail sales were unchanged, so zero increase or decrease vs August. Motor vehicles and gasoline were down as grocery stores were up due to inflation. Note due to 8.2% inflation, this means volume was down about 8%.

 

U.S. Weekly Initial Jobless Claims

U.S. weekly initial jobless claims rose to 228,000, a six-week high. The Federal Reserve wants more people to lose their jobs. This should help lower inflation, so they like this.

 

u.s. october u of m consumer sentiment index

U.S. October U of M consumer sentiment index. It rose to 59.8 the highest in 6 months, but the one-year inflation expectation rose to 5.1% and long-term inflation rose to 2.9%. Both are very bad which means interest rates could stay higher for longer.

 

u.s. september nfib small business optimism index

U.S. September NFIB small business optimism index rose to 92.1 a four-month high. It was easier to hire, but inflation and future business expectations were worse.

 

Dow Jones

Wall Street’s Dow Jones industrial average rose 338 points to 29,635. This was on some good corporate earnings, but inflation fears continue. Also, 63% of economists are predicting a recession, up from 49% in July.

 

Gondola Scrap Hauler

Gondola trailers, Open Top trailers by BENLEE. 45’ 48’, 53’ long or custom sizes. Also, 4’, 5’, 6’, 7’, 8’ walls or custom sizes. High strength Hardox ™ walls and floors. Call us 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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