Commodities, Scrap Metal, Recycling and Economic Report

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This is the Commodities, Scrap Metal, Recycling and Economic Report by BENLEE roll off trailers, gondola trailers and roll off truck parts, February 20th, 2023.

U.S. weekly raw steel production rose slightly to 1.664MT, still behind last year on slow U.S. growth.

WTI crude oil price fell to $76.34/b., on concerns over a slow growth in demand and there were more U.S. oil releases from the strategic reserve.

The U.S. weekly oil rig count fell to 607. U.S. oil companies and OPEC are keeping production low to maximize profits.

U.S. weekly crude oil production was steady at 12.3Mb/d., up only .3Mb/d, which is only 2.5% in 8 months. Russian oil remains totally free flowing mostly to China and India.

Scrap steel #1 HMS price settled at $355/GT on good U.S. and export demand.

Hot-rolled coil steel price rose $41.75/cwt., $835/T. This was on OK demand, higher scrap prices and tight supply.

Copper price rose to $4.13/lb., on slow economic growth.

Aluminum price fell to $1.08/lb., $2,387/mt on record Chinese production and increased European production.

U.S. January retail sales, jumped 3% vs. December. Department stores and restaurants grew the fastest. The federal reserve hates strong numbers like this.

U.S. January producer price index, the prices producers sell to retailers and distributors. They were down to a 6% increase vs. last year, the lowest since March 2021. Inflation is still too high, but it’s coming down.

U.S. January Housing Starts fell 4.5% from December to 1.309M annualized. This is the lowest since June 2020 and below the rate of the 1960’s, about 60 years ago.

U.S. January industrial production, increased .8% vs. last January, the smallest increase since March 2021. Manufacturing was up .3%, as utilities sank 8.9% and mining increased 8.6%.

U.S. NFIB small business optimism index rose to 90.3, but it was still low. The percent of owners that expect better business conditions rose. Inflation issues were less, but filling jobs was harder.

Wall Street’s Dow Jones Industrial Average fell 42 points to 33,827 on concerns over higher for longer interest rates.

Roll off trailers for sale that are optimized for weight and maneuverability. The BENLEE SuperMini Long is only 33’ long and is 77,500 GVW in a triaxle version and will carry almost 23 tons! Call 734-722-8100 for a quote.

As always, feel free to call or email me with any questions and we hope all have a safe and profitable week.

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