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, July 5th, 2023.

U.S. weekly raw steel production rose slightly to 1.758MT a 78.1% utilization rate vs 79.6% last year. This was as the U.S. manufacturing economy continues to slow.

WTI crude oil price rose slightly to $70.09/b as global slowing manufacturing is hurting demand.

The U.S. weekly oil rig count fell to 545 the lowest in 15 months. The slowing economy has drillers keeping supplies tight.

U.S. weekly crude oil production was steady at 12.2Mb/d. OPEC, Russia and the U.S. are keeping supplies tight to support higher prices and profits.

Scrap Steel #1 HMS price was steady at $310/GT. There is downward price pressure for July on a slowing economy.

Hot-rolled coil steel price fell to $44.56/cwt, $891/T on the same slowing U.S. and global economy.

Copper price fell to $3.79/lb., on growing Chinese inventories. There was also disappointing China economic data.

Aluminum price fell to $.97/lb., $2,177/mt on strong supply and concerns over low demand.

China June NBS Manufacturing PMI rose to 49, but remember under 50 means contraction. Their recovery is losing steam. New orders, buying and exports all declined.

U.S. Q1 GDP (Gross domestic product) which is economic growth. It was revised higher to 2%, well above the initial 1.3% reading. This was the strongest in two years as durable goods spending surged 16.3%.

U.S. June S&P Manufacturing PMI was confirmed at a 6-month low of 46.3, with again, under 50 being contraction. This was the second month of contraction accelerating. Output and inventories fell as there was a sharp downturn in new orders.

U.S. April Private Construction spending on manufuctu9ing jumped to $189B, a staggering number and a true boom. For decades major investments in U.S. manufacturing has been discussed. In about June 2021, just two years ago, it finally started jumping with the help of three recent bills passed and signed.

U.S. May PCE (Personal consumption expenditure index. This is the Federal Reserve’s preferred inflation gauge. It fell to 3.8%, the lowest in over two years. This is good news. Food rose 5.8%, but energy fell 13.4%.

Wall Street’s Dow Jones Industrial Average rose a big 691 points from Friday 6/23/23. The Nasdaq composite, which is high tech stocks, had their best first half in 40 years. The economy is slowing, but many positives remain, including a record number of people working.

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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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