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This is the Recycling, Scrap Metal, Commodities and Economic Report, April 1st, 2024.
U.S. weekly raw steel production fell slightly to 1.7MT on slow U.S. manufacturing.
WTI crude oil price rose to $83.12/b. on good demand and OPEC continued oil production cuts.
U.S. weekly crude oil production was steady at 13.1Mb/d near the record high. The U.S. remains the #1 crude oil producer in the world. U.S. drillers won’t greatly increase production. If they do, the price and profits would fall.
The U.S. weekly oil rig count fell to 506 on great productivity per well as production remains near the record.
Scrap steel #1 HMS price was steady at $325/GT on a good balance of supply and demand. April could bring little or small change to the price. The steel company Cleveland Cliffs said this week that prime scrap will be in shorter supply at a higher cost for the rest of the decade.
Hot-roll coil steel price rose to $42.63/cwt., $853/T on the continued slow manufacturing economy.
Copper price rose to $4.01/lb., near a one year high. Growth of data centers and EVs is helping demand.
Aluminum price rose to $1.06/lb., $2,339/mt on good global demand.
U.S. February pending home sales fell 7% vs. last year. Bad news is good news. The government is trying to reduce spending, because reduced spending slows the economy, which reduces inflation which is the government’s goal.
China’s March NBS Manufacturing PM index rose to 50.8, the first growth in 6 months. New orders also increased for the first time in 6 months and foreign sales increased the first time in 11 months.
U.S. February PCE Personal Consumption Expenditure index, the Federal Reserve’s preferred measure of inflation. It fell to 2.5%. Core inflation that leaves out volatile food and energy was up 2.8%. Prices are still high, but inflation is coming down slowly.
U.S. March U of M consumer sentiment index was revised higher to 79.4 the highest in almost 2.5 years. Current and future sentiment both rose and inflation expectations fell.
U.S. Q4 2023 Economic growth GDP was revised higher to 3.4%, a very solid number. Consumer spending and nonresidential investment rose faster.
Wall Street’s Dow Jones industrial average rose 311 points to 39,807 a new record close. Good U.S. growth, record jobs, record 401Ks and record home prices are driving the market.
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