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This is the Global Economic, Commodities, Scrap Metal and Recycling Report by our BENLEE roll off trailers and gondola trailers, June 6th, 2022.
U.S. weekly crude steel production rose to 1.798MT as the slow growth economy continues.
The U.S. Dollar index. The U.S. dollar vs. other global currencies. When the U.S. dollar index rises, commodity prices typically fall. It rose to 102.2, near a 20-year high, on higher U.S. interest rates.
WTI crude oil price rose to $118.87/b on higher demand. Also, Russia is shipping less oil to Europe, but Russia dramatically increased oil sales to China and India so OPEC can ship more to Europe. In summary, Russia is near or at record oil profits.
U.S. weekly crude oil production was steady at 11.9Mb/d, up 100,000b/d in the past 5 months. OPEC and OPEC+ agreed to a 648,000b/d increase for July and August.
The U.S. weekly oil rig count was steady at 574. The very slow trend up is bringing high inflation and great oil company profits.
Scrap steel #1 HMS price was steady at $443/GT, with major downward pressure for June. Import scrap purchases are up and export scrap sales are down, which is dragging down demand and price from U.S. recyclers.
Hot roll coil steel price fell to $56.41/cwt, $1,128/T. This was on good demand, great supply, and lower scrap prices.
Copper price rose to $4.48/lb. on low inventories and increased Chinese demand.
Aluminum price fell to $1.24/lb., $2,726/mt on slowing demand and rising output.
China May NBS manufacturing index rose to 49.6, but that was the third month under 50. Importantly, under 50 is contraction. New orders and new exports fell at a slower rate as deliveries improved.
Euro area April Producer inflation. Remember the Euro area’s economy is about the size of the U.S. economy. It rose to a crazy 37.2%, as energy drove the increase with a 99.2% increase. Excluding energy, prices still rose a huge 15.6%.
U.S. May new jobs report, new jobs created was 390,000, which was above forecast. The U.S. Federal Reserve sees this as bad-too many new jobs. That means higher steady interest rate increases are the plan.
The U.S. May unemployment rate was steady at 3.6%. The actual total number of people employed rose 321,000.
U.S. April Job Openings, fell to 11.4M, but remains near the record. The Federal Reserve also hate this. They want to slow economic growth, to slow inflation.
Wall Street’s Dow Jones industrial average fell 316 points to 32,900 on the strong jobs report, bringing higher interest rates. Also, the Tesla CEO said he had a super bad feeling about the economy and announced a 10% salaried layoff.
Want to carry 43,000+ lbs., but have a tight space? Buy a BENLEE 33’ Super Mini long tri axle roll off trailer. It is short but can carry more than 21 tons. Call BENLEE at 734-722-8100 for a quote.
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