Commodities, Scrap Metal, Recycling and Economic Report
February 5, 2024
Watch Report - Listen to Podcast
This is the Commodities, Scrap Metal, Recycling and Economic Report, February 5th, 2024.
U.S. weekly raw steel production rose slightly to 1.68MT on slow U.S. manufacturing.
WTI crude oil price fell to $72.28/b., on good global production and concerns about China’s low growth.
U.S. weekly crude oil production rose to 13.0Mb/d, near the all-time record. This was as good prices are bringing high U.S. production.
The U.S. weekly oil rig count was steady at 499 on good prices and great productivity per well.
Scrap steel #1 HMS price was steady at $380/GT on steady demand. Most believe February prices will be sideways.
Hot-roll coil steel price fell to $50.63/cwt, $1,013/T on slow demand and good supply.
Copper price fell to $3.82/lb., on mixed Chinese manufacturing data.
Aluminum price fell to $1.01/lb., $2,237/mt on slow office building construction.
Chinese January NBS Manufacturing PMI. This is official Chinese government data. It rose to 49, but under 50 means contraction. The industry’s CAXIN data, not shown here was steady at 50.8, so slow expansion.
U.S. January New Jobs report rose to 353,000 way above forecast. Professional & business services rose the most.
U.S. January total employment, rose to 157.7M a new record in American history. Job growth is very good, despite high interest rates.
The U.S. January Unemployment rate remained at 3.7%, near the 70 year low as the labor market remains tight.
U.S. January U of M Consumer sentiment survey. It was revised higher to 79, the highest in 2.5 years. People are finally feeling the higher wages, lower inflation, and more jobs.
Wall Street’s Dow Jones Industrial Average rose 545 points to 38,654, another all-time high in American History. Some say this is better than a Goldilocks economy. Inflation is falling, salaries are rising faster than inflation and new jobs are rising.
Roll off trailers, two container trailer, double box are back in stock. A great way to double your productivity. These are heavy duty, but light to carry maximum loads. Call BENLEE at 734-722-8100 for a quote.
This report is brought to you by BENLEE roll off trailers, gondola trailers, lugger trucks and roll off trailer parts. Greg Brown reporting from Cambodia.
As always, feel free to call or email me with any questions and we hope all have a safe and profitable week.
Links:
BENLEE Roll off Trailers, Lugger Trucks and Roll off Parts
Roll off Parts, Roll off Truck Parts, Roll off Trailer Parts, Tarp System Parts
Galbreath Hoist Parts
Roll Off Trailers for Sale
Search BENLEE