This is the Global Economic, Commodities, Scrap Metal and Recycling Report by our BENLEE Roll off Trailers and Gondola Trailers, Scrap Haulers, May 2nd, 2022.
U.S. weekly crude steel production rose to 1.784MT on slow U.S. growth, while cheaper imports are taking share.
The U.S. Dollar index, which is the U.S. dollar vs. other global currencies. When the U.S. dollar goes up, commodities priced in dollars typically go down. It rose to 103.1, just off Thursday’s 19 year high. Higher U.S. interest rates brings a higher dollar.
WTI crude oil price rose to $104.69/b. as there is more pressure on countries to ban Russian oil.
U.S. weekly crude oil production was steady at 11.9Mb/d, up less than 1% in the past 4 months. This is as oil companies are resisting increasing production to maintain higher prices and near record profits.
The U.S. weekly oil rig count rose to 552. The slow increase in rigs, brings a slow increase in production.
Scrap steel #1 HMS price was steady at $510/GT but estimated to be down $50/GT or more this month. The strong U.S. dollar is bringing cheap scrap imports and less exports.
Hot roll coil steel price fell to $72.04/cwt, $1,441/T on slow economic growth and lower scrap prices.
Copper price fell to $4.39/lb. on the stronger U.S. Dollar. Also, on China lockdowns and the end of a Peru worker protest.
Aluminum price fell to $1.48/lb. $3,261/mt on the same strong dollar, China lockdowns and slowing global growth.
China April NBS manufacturing purchasing manager’s index. It fell to 47.2, the 2nd straight month of contraction. This included factory activity fell at the steepest pace in over 2 years.
U.S. Economic growth, Q1 GDP fell 1.4%, primarily due to the record trade deficit. Also, there was a decline in inventory investment and reduced government spending.
U.S. goods trade deficit rose to a horrific $125.3B, a new record, despite increased oil exports. This was driven by increased imports of industrial supplies, oil, and consumer goods. U.S. exports were a record, up 7.2%, but imports were up 11.5%.
U.S. March new home sales fell 8.6% from February. This is not good economic news. It was caused by higher home prices and higher interest rates.
U.S. April U of M consumer sentiment was revised lower to 65.2, but still up over March. Current conditions were revised higher, but concerns over inflation and interest rates remain.
Wall Street’s Dow jones industrial average fell 834 points to 33,811 the worst April in 22 years. This was on higher interest rates, high inflation, and China COVID concerns.
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