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This is the Commodities, Scrap Metal, Recycling and Economic Report by our BENLEE roll off trailers and gondola trailers, September 6th, 2022.
U.S. weekly raw steel production fell to 1.747MT on the continued slowing of the U.S. economy and on lower priced imports.
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 fall. It rose to 109.2, hitting a 20 year high during the week of 110. This was on the continued belief that the Fed will keep interest rates higher, for longer.
WTI crude oil price fell to $86.87/b, down over 30% from this year’s high. With that, OPEC announced a production cut yesterday to get prices higher for oil companies.
The U.S. weekly oil rig count fell to 596 as the slow trend up stalled. Oil companies need to limit production to keep prices high.
U.S. weekly crude oil production rose slightly to 12.1Mb/d a level of 2.5 months ago. The slow trend up has stalled on demand concerns.
Scrap steel #1 HMS was steady at $333/GT. Downward pressure for September remains.
Hot rolled coil steel price rose slightly to $40.90/cwt, $818/T. This was on slowing U.S. growth and cheaper imports.
Copper price fell to $3.40/lb., the lowest in a month. This was on massive COVID lockdowns in China and higher U.S. interest rates.
Aluminum price fell to $1.04/lb., on record Chinese production and concerns of a global economic slowdown.
China NBS Manufacturing PMI rose to 49.4, but under fifty is contraction, so contracting less. This was the second straight month of contraction mainly due to COVID shutdowns.
Euro area inflation. An economy about the size of the U.S. Inflation rose to 9.1% a new record high as energy and food prices accelerated.
U.S. August ISM manufacturing PM index was steady as 52.8 as new orders expanded, and prices softened. Also, employment rebounded, and sentiment remained optimistic.
U.S. August new jobs report, added 315,000 jobs on continued broad based hiring. Computer systems design and healthcare grew the most.
U.S. August labor participation rate. This is people 16 years old or older, working or looking for work. It grew to 64.4%, adding 800,000 people working or looking for work.
U.S. August unemployment rate rose to 3.7%, off the 50 year low. This is good news as viewed by the Federal Reserve. More people looking for work, reduces inflationary pressure.
Wall Street’s Dow Jones Industrial Average fell 965 points to 31,318, on expectations of a major global economic slowdown.
Roll off truck and trailer parts for sale at BENLEE. Galbreath, Galfab, American, Dragon, Palfinger and more. Rollers, Sheaves, pins, arms, and cylinders. Pioneer, Roll-Rite, Donovan, Aero tarps, and parts too. Buy at our online parts store or call 734-722-8100.
As always, feel free to call or email me with any questions and we hope all have a safe and profitable week.
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