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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 31st, 2022.
U.S. raw weekly steel production fell slightly to 1.669MT. The U.S. and global economy are slowing.
WTI crude oil price rose to $87.90/b on tight supplies and concerns of a recession. Also, Exxon and others reported record profits last week.
The U.S. weekly oil rig count fell to 610, but there is a slight trend up. Recession fears are bringing concerns that there will be too much supply, bringing lower prices.
U.S. weekly crude oil production remained steady at 12.0Mb/d, about flat for the 7th month. Conversations remain about increased production, but oil companies are committed to a tight supply to maximize profits.
Scrap steel #1 HMS price was steady at $310/GT. There remains downward price pressure for November.
Hot-rolled coil steel price fell to $35.50/cwt., $710/T, on slowing demand as economic growth slows.
Copper price fell to $4.48/lb., on fears of a recession and low inventory, but demand remains OK.
Aluminum price rose slightly to $1.003/lb., $2,211/mt. This was on the same recession fears and concerns over a worldwide ban of Russian aluminum.
China October NBS Manufacturing index fell to 49.2, the lowest since July. Under 50 is contraction. New Orders and export sales fell.
U.S. September pending home sales fell 31% YOY, the worse since COVID and worse than the 2008 crash. Also, 30-year mortgage rates hit 7.08%, a 20+ year high.
U.S. September Personal Consumption Expenditure PCE index, the Federal Reserve’s preferred inflation index. It was steady at 6.2%, with food up 11.9% and energy up 20.3%. Core PCE which excludes food and energy rose 5.1% from 4.9%.
U.S. Q2 GDP, Gross Domestic product, a key economic growth measure. It grew at 2.6% after the two previous quarters of negative growth. The two negative quarters typically mean a recession so its technically now over. The 2.6% increase was due to High Exports of petroleum. Crude oil EXPORTS, yes exports out of the U.S., hit a weekly record in August.
U.S. U of M October consumer sentiment index was revised higher to 59.9. Inflation for the year ahead is expected at 5%. Long run inflation expectations fell to 2.9% from 2.9%-3.1%.
Wall Street’s Dow Jones Industrial average rose a big 1,778 points to 32,862. This was on signs of an economic slowdown bringing hopes of slower interest rate increases after November’s expected .75% increase.
Gondola trailers by BENLEE are back in stock. 48’ long, 8’ high walls in stock, but we can build custom sizes. All are made from high strength Hardox ™, walls and floors. Call BENLEE for a quote at 734-722-8100.
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