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June 3rd 2024

Recycling, Scrap Metal, Commodities and Economic Report June 3, 2024


This is the Recycling, Scrap Metal, Commodities and Economic Report, June 3rd, 2024.

 

weekly tonnage of raw steel production

U.S. weekly raw steel production rose to 1.735MT down 1.1% from last year and down 2.7% YTD on slow U.S. manufacturing.

 

Crude Oil

WTI crude oil price fell to $77.18/b., on the slowing U.S. economy and on the belief of delayed interest rate cuts. OPEC supply cuts and U.S. oil company constraints continue to keep prices high.

 

US Field Production of Crude Oil

U.S. weekly crude oil production was steady at 13.1Mb/d. just off the recent record high in American history. U.S. oil companies are being careful not to increase production quickly. Higher production brings lower prices and lower profits.

 

Oil Rig Count

The U.S. weekly oil rig count fell to 496. Production remains mostly steady.

 

AMM Weekly Heavy Melt

Scrap steel #1 HMS price was steady at $315/GT and is forecast to fall about $10+/GT this week. This was on good supply and slow demand.

 

Hot Roll Coil

Hot-roll coil steel price rose slightly to $38.81/cwt., $776/T, well off their highs on slow demand.

 

Copper

Copper price fell to $4.63/lb., on softer demand, despite China stimulus.

 

Aluminum

Aluminum price rose slightly to $1.21/lb., $2,664/mt., on weather related supply reductions.

 

China May NBS Manufacturing PMI

China May NBS Manufacturing PMI fell to 49.5, with under 50 being contraction. This was the first contraction in factory activity since February. New orders and foreign sales declined, as inflation accelerated.

 

U.S. Chicago May Purchasing Manager’s Index

U.S. Chicago area May Purchasing Managers index fell to 35.4, the sharpest contraction in activity since the COVID crash. High interest rates are slowing the economy so manufacturing is slowing. The Federal Reserve is causing this to reduce inflation.

 

U.S. Q1 2024 GDP Economic Growth

U.S. Q1 2024 GDP Economic Growth was revised down to 1.3%. This is good news and bad news. There was a downward revision of consumer spending and inventories were lower. The slow growth is bad for the economy, but great to reduce inflation.

 

U.S. April Core PCE

U.S. April Core PCE, Personal Consumption Expenditure index which is the Federal Reserve’s preferred inflation measure. It was steady at 2.8%, the lowest since March 2021, 3+ years ago. It is still above the 2% target though, due to the economy is better than forecast.

 

U.S. May Conference Board Consumer Confidence Index

U.S. May Conference Board Consumer Confidence index rose to 102 as the present situation and expectations increased. The improvement was most for people under 35 and $100K+ salaries.

 

Dow Jones

Wall Street’s Dow Jones Industrial Average fell 914 points to 38,686. This was on the slowing economy concerns and continued high interest rates. Importantly, the slowing economy should lower inflation, which will lower interest rates and help the economy.

 

Gondola Scrap Hauler

Gondola trailers for sale at BENLEE and yes they are scows in Canada. 48’ and 53’ long or custom sizes. Tandem, triaxle or more. 48’ with 8’ high walls, tandem axle in stock. Of course, the walls and floors are made with Hardox™ for heavy duty and light weight.

 

End Page

This report by Greg Brown is brought to you by BENLEE roll off trailers, gondola trailers, crushed car trailers, lugger trucks, roll off trailer parts and roll off truck parts for Galbreath, Galfab, American, Dragon and more.

 

Metal Test Magnet With Handle 18 lb N52 Grade Neodymium Rare Earth

Metal Test Magnet With Handle 18 lb N52 Grade Neodymium Rare Earth

Industrial Test Magnet 30 lb N52 Grade Neodymium Rare Earth With Handle

Industrial Test Magnet 30 lb N52 Grade Neodymium Rare Earth With Handle

Metal Test Magnet

Metal Test Magnet

Metal Test Magnet

Metal Test Magnet

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