This is the Global Economic, Commodities, Scrap Metal and Recycling Report by our BENLEE roll off trailers and gondola trailers, June 20th, 2022.
U.S. weekly crude steel production rose to 1.784MT. This was on a slow growth economy with steel imports taking market share.
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 goes down. It rose to 104.7, near a 20-year high. The U.S. Federal Reserve raised interest rates to slow the economy, which strengthened the dollar.
WTI crude oil price fell to $109.56/b on a global slowdown and the beginning of more U.S. output.
The U.S. weekly oil rig count rose to 584. The slow increase is bringing a slow production increase.
U.S. weekly crude oil production rose to 12.1Mb/d, the highest in over two years. High prices are bringing a very controlled slow production increase.
Scrap steel #1 HMS price was steady at $393/GT. There is downward July price pressure on weak exports.
Hot roll coil steel price rose to $53.67/cwt. $1,073/T on Ok demand, good imports, and higher energy prices.
Copper price fell to $4.01/lb., the lowest in 9 months. This was on concerns of a global slowdown and the higher dollar.
Aluminum price fell to $1.13/lb., $2,498/mt on concerns over global growth, especially construction.
China May industrial growth grew at .7% vs. last year on easing COVID restrictions.
U.S. Federal Reserve interest rates. They rose .75% to 1.5-1.75%, the biggest increase since 1994, but rates remain historically low.
U.S. May retail sales, fell .3% from April, the first decline in 2022. Auto sales had the biggest decline and gasoline sales rose, due to the surge in price.
U.S. May housing starts fell 14.4% from April. This was on rising material costs and higher interest rates.
U.S. June IBD/TIPP economic optimism index. It fell to 38.1 the lowest since 2011. Support of federal economic policies sank the most.
Wall Street’s Dow Jones Industrial Average fell 1,504 points to 29,889. This was on concerns of higher interest rates and a possible recession.
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