Recycling, Scrap Metal, Commodities and Economic Report April 29, 2024

This is the Recycling, Scrap Metal, Commodities and Economic Report, April 29th, 2024.

U.S. weekly raw steel production fell to 1.72MT down 3.0% vs. last year and down 2.5% YTD. This was on slow U.S. manufacturing.

U.S. natural gas price fell to $1.90/Million metric BTUs, the price of the 1980s. If adjusted for inflation it is just a fraction of the 1980s price. This is great to keep costs down for American homes and businesses.

WTI crude oil price rose to $83.72/b. on improving global demand and persistent supply concerns.

U.S. weekly crude oil production was steady at 13.1Mb/d., remaining near the all-time record. The U.S. remains the #1 global oil producer and the #2 Exporter of crude oil.

The U.S. weekly oil rig count fell to 506, despite near record production. Great U.S. technology makes the export of crude oil profitable.

Scrap steel #1 HMS price was steady at $325/GT. Prices could be steady in May.

Hot-roll coil steel price fell to $40.59/cwt., $812T on slow U.S. manufacturing.

Copper price rose to $4.59/lb., the highest in two years on a bullish forecast and supply concerns.

Aluminum price fell to $1.16/lb., $2,568/mt., still high though. Russian aluminum sanctions are causing price pressure.

The U.S. March goods trade deficit widened to $91.83B, the largest in 11 months, due to decades of bad socio-economic policy. The good economy is driving imports of consumer goods.

U.S. March core PCE, Personal Consumption expenditure index, the Federal Reserve’s preferred measure of inflation. It rose 2.8% vs last year, above the 2.6% forecast. The economy is too good, so too much spending, therefore slow progress to the 2% inflation target.

U.S. Q1 GDP; Economic Growth slowed to an OK 1.6%, but below forecast on slower consumer spending, slower exports, and lower inventories. Some think that this could be revised up, but the slower growth helps reduce inflation.

U.S. April S&P manufacturing purchasing managers index, which is manufacturing levels. Fell to 49.9, the lowest in 4 months. Remember under 50 is contraction. Manufacturers drew down stocks, lead times improved and demand slowed.

U.S. March Sales of new single family homes soared 8.8% percent from February, despite high interest rates. This was on a strong economy and a record number of people working in the U.S.

Wall Street’s Dow Jones industrial average rose 254 points to 38,240 on strong corporate earnings, but higher inflation readings.