This is the Global Economic, Commodities, Scrap Metal and Recycling Report by our BENLEE roll off trailers and gondola trailers, June 27th, 2022.
U.S. weekly crude steel production fell to 1.758MT on a slow growth economy and lower priced 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 fell slightly to 104.2, but importantly, its remaining near a 20-year high. The Federal Reserve said they could have another .75% interest rate increase next month, which supports the higher dollar.
WTI crude oil price fell to $107.62/b. Reports are Russia is back to its full export amount from prewar. China and India are buying massive amounts of Russian oil.
The U.S. weekly oil rig count rose to 594 the highest in over two years. High prices are bringing a slow increase in rigs and production.
U.S. weekly crude oil production. Due to a power issues, the government did not release data last week. Here is the chart from last week that had two weeks ago data that had the highest production in two years.
Scrap steel #1 HMS price was steady at $393/GT. There is downward July price pressure on weak exports and increased imports.
Hot roll coil steel price fell to $50.58/cwt, $1,002/T. This was on slowing demand and lower priced imports.
Copper price fell to $3.74/lb. a 16-month low, on concerns over the global economy.
Aluminum price fell to $1.11/lb., $2,452/MT an 11-month low on slowing demand and record Chinese production. But, Century Aluminum in the U.S. is shutting for 9-12 months due to high energy costs.
United Kingdom May producer price inflation rose to 15.7% the highest in 40 years. Energy surged 84.4% and food rose 10.4%.
U.S. June U of M Consumer confidence index. It fell to 50, a record low. Feelings about current economic conditions and expectations fell. Also, 5-year inflation expectations fell to 3.1% from 3.3%.
U.S. June S&P manufacturing Purchasing Managers index. If fell to 52.4 the slowest growth in almost two years. Production and new sales declined on weak demand from U.S. and overseas customers. Also, goods producers registered the lowest degree of confidence in 20 months.
U.S. May new home sales rose to 696,000 annualized. Consumers are rushing to buy, before even higher interest rates.
Wall Street’s Dow Jones Industrial rose a big 1,612 points to 31,501. Expectations of faster interest rates cooled while recessionary fears are still a concern.
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