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June 28th 2022

Global Economic, Commodities, Scrap Metal and Recycling Report June 27, 2022


This is the Global Economic, Commodities, Scrap Metal and Recycling Report by our BENLEE roll off trailers and gondola trailers, June 27th, 2022.

weekly tonnage of raw steel production

 

U.S. weekly crude steel production fell to 1.758MT on a slow growth economy and lower priced 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 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.

 

Crude Oil

 

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.

 

Oil Rig Count

 

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.

 

US Field Production of Crude Oil

 

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.

 

AMM Weekly Heavy Melt

 

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

 

Hot roll coil steel price fell to $50.58/cwt, $1,002/T. This was on slowing demand and lower priced imports.

 

Copper

 

Copper price fell to $3.74/lb. a 16-month low, on concerns over the global economy.

 

Aluminum

 

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 Prices Inflation

 

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

 

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 PMI

 

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

 

U.S. May new home sales rose to 696,000 annualized. Consumers are rushing to buy, before even higher interest rates.

 

Dow Jones

 

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.

 

Lugger Trucks by BENLEE

 

Lugger trucks and lugger trailers by BENLEE. Remember, BENLEE is now Huge Haul & Heil’s old lugger truck line. Call us for a quote or rent one for a month or more at Premier Truck Sales and Rental. Even call for rent to own programs.

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