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This is the Global Economic, Commodities, Scrap Metal and Recycling Report by our BENLEE Roll off Trailers and Gondola Trailers, Scrap Haulers, April 4th, 2022.
U.S. weekly crude steel production fell to 1.726MT on fair demand. Also, on lower priced imports taking market share.
WTI crude oil price fell hard to $97.27/b, down 13% for the week. This was as the U.S. announced a massive 1Mb/d release from the strategic reserve.
U.S. weekly crude oil production, rose slightly to 11.7Mb/d, after 9 steady weeks of about 11.6M. U.S. oil companies remain concerned that over production will bring lower prices and lower profits.
The U.S. weekly oil rig count rose to 533. This is as the controlled increases ensures the tight supply, keeping prices high.
Scrap steel #1 HMS price was steady at $531.67/GT. Tight supply will bring an increase of about $35/GT or more this week.
Hot roll coil steel price rose to $72.58/cwt, $1,452/Ton. This will rise again this week as prime scrap will rise about $80/GT or more for April.
Copper price rose slightly to $4.71/lb., near the March record. This was on concerns about supply disruption in Ukraine and low demand in China due to COVID.
Aluminum price fell to $1.68/lb., $3,695/mt, also near the record. It remains high on disruption concerns from Russia.
China’s March general manufacturing purchasing managers’ index, fell to 48.1. This was the second month in a row of factory activity contraction. Output and new orders shrank the most since February 2020.
U.S. ISM manufacturing purchasing managers index fell to 57.1. This is good, but the slowest growth in factories since September 2020. Orders, production, and backlogs all slowed, as labor shortages improved.
U.S. March new jobs fell to 431,000, but this as the 11th month of over 400,000. That makes it a great report. Leisure and hospitality, services, retail, and manufacturing all in increased.
U.S. March unemployment rate fell to 3.6% the lowest since February 2020.Total employment rose by 736,000, which is great news.
U.S. March labor force participation rate. This is people that are 16 years old or older that are looking for work or are working. It rose to 62.4%. A huge 37.4% of the labor force is not working or even looking for work. We must get more people into the workforce. Tens of millions of people are sitting on the sofa and not working.
Wall Street’s Dow Jones industrial average. It fell 43 points to 34,818. This was on a good jobs report making it more of a chance of a May .5% interest rate increase.
Tarps systems and tarp system parts for sale at BENLEE. Pioneer Roll-Rite, Donovan, Aero and more. Tarps, arms, cylinders, motors and more. Call 734-722-8100 or order online at BENLEE.
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