Commodities, Scrap Metal, Recycling and Economic Report

Watch Report - Listen to Podcast

---

---

This is the Commodities, Scrap Metal, Recycling and Economic Report. Brought to you by BENLEE roll-trailers, gondola trailers and roll-off truck parts, April 17th, 2023. This is Brian Sides reporting as Greg is in Nashville for the Annual ISRI Recycling show.

U.S. weekly raw steel production rose to 1.675MT, only a 74.4% capacity utilization rate, vs. 81.9% last year. This was on a slowing U.S. economy, being caused by higher interest rates.

WTI crude oil price rose to $82.56/b, the highest in 5 months on OPEC cuts and a forecast of record 2023 demand.

The U.S. weekly oil rig count fell to 588 but could rise with the over $80/b oil and OPEC cuts.

U.S. weekly crude oil production rose to 12.3Mb/d at the top end of the tight range for the past 11 months. We could see a slight increase in the coming months, but low production is important for higher prices and higher shareholder returns.

Scrap steel #1 HMS price was steady at $370/GT on a good balance of supply and demand.

Hot-rolled coil steel price fell to $58.89/cwt, $1,178/T slow demand, but tight supply.

Copper price rose to $4.12/lb. on good demand including Chinese economic stimulus.

Aluminum price rose to $1.08/lb., $2,387/mt on good demand and low inventories.

NFIB March small business Optimism index fell to 90.1, the 15th month below the 49-year average. Inflation remained the #1 concern.

U of M April Consumer sentiment survey rose to 63.5 as future and current expectations rose. But the year ahead inflation expectations rose to 4.6%, which is bad.

U.S. March Annual Consumer inflation fell to 5% the lowest in almost two years. Gasoline and used cars actually fell as food grew slower.

U.S. March Producer Prices rose just 2.7% over last year, but actually fell from February. Falling energy prices took the average down.

U.S. weekly initial unemployment claims, rose to 239,000, which was higher, but is still pretty low. The Federal Reserve wants these higher numbers because more unemployed people lowers wage inflation.

Wall Street’s Dow Jones Industrial average rose 340 points to 33,887. This was on positive bank earnings, but lower retail sales. There remains concerns about sticky, persistent inflation, which would bring higher interest rates.

Roll off trailers by BENLEE. Heavy-Duty and optimized for weight. Buy our Hummer type Conventional or an F-250 type BridgeMaster. Both 80,000 GVW, both great choices for a roll-off trailer.

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