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This is the Commodities, Scrap Metal, Recycling and Economic Report by our BENLEE roll off trailers and gondola trailers, September 12th, 2022.
U.S. weekly raw steel production fell to 1.715MT as the Federal Reserve’s interest rate hikes are slowing the economy.
The U.S. Dollar index. The U.S. dollar vs. other global currencies. When the U.S. dollar index rises, commodity prices in dollars usually falls. It fell slightly, after hitting a new 20-year high during the week. This was on the belief that Wall Street already priced in a .75% interest rate increase this for this month.
WTI crude oil price fell to $86.22/b on concerns over China’s slowing economy. But on the other side, Russia is threatening a total cut of oil exports to Europe.
The U.S. weekly oil rig count fell to 591 the lowest in 3 months. Lower oil prices are bringing lower drilling rates to get oil prices higher.
U.S. weekly crude oil production was steady at 12.1M/b/d, the level of 3 months ago. Lower prices brought a halt of the steady increase we were seeing.
Scrap steel #1 HMS fell slightly to $328/GT on increased imports to the U.S. and lower U.S. demand.
Hot-rolled coil steel price fell to $39.58/cwt, $792/T on slowing demand as the economy slows.
Copper price rose to $3.55/lb. on hopes of economic support in China.
Aluminum price was steady at $1.04/lb., near a 12-month low, on record high aluminum production in China, but less in Europe.
China’s August trade balance fell to a positive $79.4B, as imports rose slightly at .3%. This was also on a softer rise in exports and factory disruptions due to COVID.
The U.S. July trade balance narrowed to a negative $70.7B as exports hit new highs. Imports declined as U.S. consumers bought less goods.
U.S. August new vehicle sales fell to 13.2M annualized as shortages of new vehicles hurt sales.
U.S. 30-Year home mortgage rates rose to 5.89% the highest since 2008, but nowhere near the about 18% of the 1980s.
The U.S. August civilian labor force rose to 106.75M the highest in history. This is good news to help the economy as it slows.
Wall Street’s Dow Jones Industrial Average rose 834 points to 32,152. This was on expectations of slowing inflation, but the Federal Reserve still saying interest rates will be higher for longer to kill inflation.
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