Commodities, Scrap Metal, Recycling and Economic Report September 19, 2022

This is the Commodities, Scrap Metal, Recycling and Economic Report by our BENLEE roll off trailers and gondola trailers, September 19th, 2022.

U.S. weekly raw steel production rose slightly to 1.732MT as the economy continues to slow.

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 rose to 109.26, remaining near the 20-year high. Higher interest rates are coming this week, which will keep the U.S. dollar high.

WTI crude oil price fell to $85.11 per barrel on a slowing economy. Also, on the U.S. backtracking when we will refill the strategic oil reserve.

The U.S. weekly oil rig count rose to 599, down 63% from 2014’s high. U.S. and OPEC are keeping production steady to maximize profits.

U.S. weekly crude oil production was steady at 12.1M/b/d, as U.S. oil exports are off last month’s record high. Slowing demand is bringing steady production and slightly lower prices.

Scrap steel #1 HMS was steady at $328/GT on steady demand. Also, imports remain competing with U.S. scrap.

Hot-rolled coil steel price fell to $39.45, which is $789/T on slowing demand and steady imports.

Copper price fell slightly to $3.54/lb. This was on expectations of higher interest rates bringing slower demand.

Aluminum price rose slightly to $1.05/lb., $2,312/mt. This was son production cuts in China due to power outages.

China’s August industrial production, increased 4.2% from last year, as COVID shutdowns may have peaked.

U.S. August consumer inflation fell to 8.3%, the lowest in 4 months, but it is still high. There were smaller increases for gasoline, but the food increase rose.

U.S. August producer prices fell .1% from July, and the annual increase fell to 8.7%, the lowest in a year. Gasoline, eggs, organic chemicals fell, but services rose.

U.S. August retail sales rose .3%. motor vehicles, food services, building and garden supplies all rose.

U.S. September consumer confidence rose to 59.5 a five-month high. This was on lower energy prices as expectations of long run inflation fell.

Wall Street’s Dow Jones industrial average fell a big 1,330 points to 30,822. This was on the darkening global growth outlook.

Gondola trailers, open top trailers by BENLEE. All the safety and uptime systems you expect from BENLEE roll offs. 48’ and fifty-three feet long, eight feet high are the most common, but we build custom sizes for you!