Commodities, Scrap Metal, Recycling and Economic Report

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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 3rd, 2023.

U.S. weekly raw steel production fell to 1.679MT on a very slow growth U.S. Economy.

WTI crude oil price surged to $80.17/b this morning. OPEC+ announced a major production cut yesterday. Lower OPEC and U.S. production is bringing higher prices.

The U.S. weekly oil rig count fell to 592 as the slow growth economy keep rigs low.

U.S. weekly crude oil production fell to 12.2Mb/d, while crude oil exports remain near a record. Exports of crude and refined oil products like gasoline, make the U.S. a net energy exporter.

Scrap steel #1 HMS price was steady at $390/GT. April’s price forecast is little HMS price change, but mills canceled orders on Friday, meaning slight downward price pressure on HMS.

Hot-rolled coil steel price fell to $58.23/cwt, $1,165/T on a slow economy, low production, bringing tight supply.

Copper price rose to $4.08/lb., as concerns over banks remain. But there are concerns over copper shortages in late 2023.

Aluminum price rose to $1.10/lb., $2,424/mt on economic slowdown fears, but low inventories.

China’s March NBS Manufacturing PM index fell to 51.9, from February’s 11 year high. Output, exports, and new orders rose at a slower pace. Price increases eased as business sentiment was upbeat.

U.S. Q4 2022 GDP rose to 2.6%, slightly less than estimate and there was 2.1% growth in 2022 for the year. The Federal Reserve’s higher interest rates could bring less than 1% growth in 2023.

U.S. February Core PCE Price index, which is the Federal Reserve’s preferred gauge of inflation. It fell to 4.6%, matching the least in 15 months. Higher interest rates are slowing the economy and inflation.

U.S. February good trade deficit, widened, got worse and was $91.63B. Exports fell 3.8% as we had lower exports of Mercedes and BMWs from the U.S. Imports fell 2.8% on lower imports of all vehicles.

U.S. February pending home sales rose .8% vs. January. This was the third monthly increase and could mean the past year of housing contraction is near an end.

Wall Street’s Dow Jones Industrial Average rose a big 1,036 points to 33,274 on the lower inflation data and hopes of less interest rate hikes.

Lugger trucks by BENLEE. Huge Haul, Load Lugger ™ and Heil luggers are all part of the BENLEE product line. Load Lugger ™, is and was the original lugger hoist.

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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