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This is the Commodities, Scrap Metal, Recycling and Economic Report by our BENLEE roll off trailers and gondola trailers/open top trailers, October 24th, 2022.
U.S. raw weekly steel production rose slightly to 1.688MT on slowing U.S. demand as the economy slows.
WTI crude oil price fell slightly to $85.06/b, but tight supplies remain. In 1970 oil was $3.00/b and went to $37/b by 1981 a factor of twelve times. The global economy adjusted. Now the U.S. oil companies, and OPEC may look to keep oil prices high for the foreseeable future due they know the economy will adjust.
The U.S. weekly oil rig count rose to 612, but still down 62% from 2014’s high. There is a very slight trend up to keep supplies tight and prices high.
U.S. weekly crude oil production rose slightly to 12.0Mb/d. mostly flat for 6 months. Lower production is keeping near record profits.
Scrap steel #1 HMS price was steady at $313/GT. This was on the slowing economy and scrap imports pressuring lower prices.
Hot-rolled coil steel price rose slightly to $38.10/cwt, $762/T, keeping in a lower range. This was also on the slowing economy and cheaper imports.
Copper price rose to $3.48/lb., on good demand so the price is still high, despite bad economic news.
Aluminum price fell to $1.00/lb., $2,206/mt on OK demand, but the same bad economic news.
United Kingdom, UK, September inflation rose to 10.1% the 40 year high it hit in July. Food rose 14.8% and housing and utilities were up 20.2%.
U.S. September housing starts slumped 8.1% to 1.439M, the level of the 1960’s, 60 years ago. This was on higher material prices and high interest rates.
U.S. 30-year home mortgage rate rose to 6.94%, almost triple two years ago. This was as higher interest rates are working to slow housing, which will help slow inflation.
U.S. weekly initial unemployment claims fell to 214,000, where under 300,000 is considered a good growth economy. This is good news/bad news. 214,000 means there is a tight labor market, which means more people working. This leads to tough to hire, which brings inflation.
U.S. September industrial production rose 5.3% vs. last year which again is good news, bad news. Good growth, but the federal reserve is trying to slow the economy to cool inflation.
Wall Street’s Dow Jones Industrial average rose a big 1,448 points to 31,084, up 4.9% for the week. This was on word that some officials may have a desire to slow the pace of interest rate increases.
A roll off trailer that is short, but a heavy hauler. A Super Mini Long by BENLEE in a triaxle that is only thirty-three feet long. Carry more than twenty-one tons on this short trailer. Call BENLEE for a quote at 734-722-8100.
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