Loading price data
Register/Sign in
Scrap Monster
Sell Your Junk CarGet an instant quote for your car on ScrapMonster.com
Access the
Platform
ScrapMonster has become North America's largest scrap trading platform with 105,531 members and the trusted source for scrap prices, news, and information. Join Today!
July 11th 2022

Global Economic, Commodities, Scrap Metal and Recycling Report July 11, 2022


This is the Global Economic, Commodities, Scrap Metal and Recycling Report by our BENLEE roll off trailers and gondola trailers, July 11th, 2022.

weekly tonnage of raw steel production

U.S. weekly crude steel production rose to 1.767MT, on a slowing economy and imports taking market share.

U.S. Dollar Index

The U.S. Dollar index. The U.S. dollar vs. other global currencies. When the U.S. dollar index goes up, commodity prices in dollars typically goes down. It rose to 107 a new 20 year high on the good U.S. jobs report which ensures higher interest rates coming, which drives the dollar up.

Crude Oil

WTI crude oil price fell to $104.79/b and was under $99 at one point during the week. This was on recession fears and a resurgence of COVID in China.

Oil Rig Count

The U.S. weekly oil rig count rose to 597. Higher prices and higher demand are bringing a higher rig count.

US Field Production of Crude Oil

U.S. weekly crude oil production held steady to 12.1Mb/d, still down 1Mb/d from pre COVID. Producers remain focused on keeping prices and profits high.

AMM Weekly Heavy Melt

Scrap steel #1 HMS price fell to about $363/GT but is still settling. The high U.S. dollar is hurting scrap exports and helping cheaper imports.

Hot Roll Coil

Hot rolled coil steel price fell to $44.85/cwt, $897/T. This was on slowing demand, cheaper imports, and lower scrap prices.

Copper

Copper price rose to $3.52/lb., after hitting $3.28 during the week. Importantly, China may boost infrastructure spending, but on slow global growth.

Aluminum

Aluminum price was up slightly at $1.10/lb., $2,436/mt on muted demand and higher aluminum production.

China Producer Price Inflation

China producer price inflation eased to 6.1% a 15-month low. It was on a slowing economy, with the driver the selloff of ferrous metals.

U.S. June New Jobs Created

U.S. June new jobs created, were 372,000, better than forecast. Professional and Business services were up 74K and leisure was up 67,000.

U.S. June Unemployment Rate

U.S. June Unemployment rate was steady at 3.6%. The number of people employed actually fell as people left the workforce.

U.S. June S&P Composite PMI

U.S. June S&P Composite PMI, a major overall economic indicator. Fell to 52.3, the slowest growth since January. This was as manufacturing and services grew slower and on less new orders and new export orders fell.

U.S. May Trade Deficit

U.S. May trade deficit improved to negative $85.5B a 5-month low. This was as exports hit a record, but deficits with China and the EU were worse. It was better with Canada and Mexico, probably related to us importing less oil from them.

Dow Jones

Wall Street’s Dow Jones Industrial Average. It rose 241 points to 31,338 on the stronger than expected jobs report.

bridgemaster

Want to reduce your transportation costs? Carry about 6,000 lbs., more on every load. Buy a BENLEE BridgeMaster which is 80,000 GVW with only two axles. Carry about 23 tons legally using 20-80 Yard boxes.

 

Metal Test Magnet With Handle 18 lb N52 Grade Neodymium Rare Earth

Metal Test Magnet With Handle 18 lb N52 Grade Neodymium Rare Earth

Industrial Test Magnet 30 lb N52 Grade Neodymium Rare Earth With Handle

Industrial Test Magnet 30 lb N52 Grade Neodymium Rare Earth With Handle

Metal Test Magnet

Metal Test Magnet

Metal Test Magnet

Metal Test Magnet

×