Loading price data
Register/Sign in
Scrap Monster
Access the
Platform
ScrapMonster has become North America's largest scrap trading platform with 106,881 members and the trusted source for scrap prices, news, and information. Join Today!
July 9th 2024

Scrap Metal, Recycling, Global Economic and Commodities Report 7/8/24


This is the Recycling, Scrap Metal, Commodities and Economic Report, July 8th, 2024.

U.S. weekly raw steel production rose slightly to 1.72MT, down 1.6% from last year and down 2.6% YTD on slow U.S. manufacturing.

WTI crude oil price rose to $83.44/b. on supply concerns with the hurricane in the gulf of Mexico.

U.S. weekly crude oil production was steady at 13.2Mb/d., remaining near the record it hit a few months ago. This was as companies are keeping supplies steady to meet export and domestic demand.

The U.S. weekly oil rig count was steady at 479 on steady demand and on great productivity per well.

Scrap steel #1 HMS price was steady at $305/GT as there is downward price pressure for July, mostly on Prime.

Hot-roll coil steel price fell to $31.67/cwt., $633/T. on slow demand and good supply.

Copper price rose to $4.67/lb. on hope of U.S. interest rate cuts and hope of Chinese economic stimulus.

Aluminum price rose slightly to $1.14/lb., $2,535/mt., in the same hopes of interest rate cuts and Chinese stimulus.

U.S. June new jobs report. We added 206,000 jobs, which was above forecast. Healthcare and education added the most, as retail and manufacturing fell.

U.S. June unemployment rate rose to 4.1%, but not due to more layoffs. It was due to more people joining the workforce, as in looking for work, so the percent not working was up.

U.S. June average hourly earnings rose 3.9% vs last year, higher than the 2.6% core PCE inflation. This was the 15th month of wages increasing faster than inflation.

U.S. June labor force participation rate for 25-54 year olds rose to 83.7% the highest in over 20 years. This is great news. More people working, vs sitting home.

U.S. June total nonfarm employment rose to 158.6M a new high in U.S. history on faster than forecast economic growth.

Wall Street’s Dow Jones Industrial Average rose 187 points to 39,306. The good jobs report, higher percent unemployed and the slowing U.S. services industry, could bring interest rate cuts as the economy slows.

Roll of truck replacement Super Mini roll off trailer by BENLEE. 25’ 11” long, so only 12 inches longer than a roll off truck with a tractor. It is about $89,000 with a tarp system and FET vs about $280,000 for a roll off truck, so save about $190,000. This is heavy duty and a heavy hauler. It legally carries more weight than a roll off truck. Call BENLEE at 734-722-8100 for a quote.

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

×