April 24, 2023
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 24th, 2023.
U.S. weekly raw steel production rose to 1.678MT a 75% capacity utilization rate, vs. 81.9% last year. This was on a slowing economy, while steel mills are keeping supplies tight.
WTI crude oil price fell to $77.87/b on slowing global growth and higher interest rates.
The U.S. weekly oil rig count rose to 591, well off pre COVID or 2014’s 1,609 high. This was on the slowing economy and keeping supplies tight so that prices remain high.
U.S. weekly crude oil production was steady at 12.3Mb/d, in a tight range for 11 months. Near $80/b oil with OPEC cuts could bring a slight production increase. That would be great for U.S. jobs and increased oil exports from, yes from the U.S.
Scrap Steel #1 HMS price was steady at $370/GT. The slowing economy is bringing downward price pressure for May.
Hot-rolled coil steel price rose to $59.10/cwt., $1,182/T, on tight supplies and moderate demand.
Copper price fell to $3.89/lb., on slowing demand concerns, but tight inventories.
Aluminum price rose to $1.09/lb., on slowing demand concerns, but historically low inventories.
Chinese Q1 2023 GDP, Economic Growth rose to 4.5%, the strongest growth in a year. This was on strong retail sales and strong growth in industrial output. They are targeting 5% growth for 2023 vs the U.S. forecast of less than .5%.
U.S. April S&P manufacturing PM index rose to 50.4, the first expansion in 6 months. This was on increased employment and new order growth, while costs and selling prices increased sharply.
U.S. April S&P Composite, meaning manufacturing and services combined, PM index, rose to 53.5, the quickest upturn in business in 11 months. Export orders declined, but backlogs increased.
U.S. March housing starts fell to 1.42M annualized, after February’s 7.3% surge. Demand keeps building as starts are less than the 1960s, 60+ years ago.
U.S. weekly initial unemployment claims, rose to 245,000, but under 300,000 is considered a good economy. This was on higher inflation and higher interest rates, which are slowing the economy, so there is less demand.
Wall Street’s Dow Jones Industrial average fell 78 points to 33,809. This was on mixed corporate earnings as higher interest rates are coming.
Roll-off trailers for sale at BENLEE. Heavy duty, high uptime, and outstanding quality, from the #1 U.S. manufacturer. Roll-off trailers by BENLEE share the exact components from our 2 to 8 axle 154,000 GVW trailers. This includes the same axles, hoses, control valve, cables, rollers, sheaves, pulleys, pins and more.
Welcome to the about 100 new people we met at the ISRI meeting in Nashville last week that are getting this video for the first time.
As always, feel free to call or email me with any questions and we hope all have a safe and profitable week.