Recycling, Scrap Metal, Commodities and Economic Report

This is the Recycling, Scrap Metal, Commodities and Economic Report, July 8th, 2024.

weekly tonnage of raw steel production 5

U.S. weekly raw steel production rose slightly to 1.72MT, down 1.6% from last year and down 2.6% YTD on slow U.S. manufacturing.

Crude Oil 4

WTI crude oil price rose to $83.44/b. on supply concerns with the hurricane in the gulf of Mexico.

US Field Production of Crude Oil 5

U.S. weekly crude oil production was steady at 13.2Mb/d., remaining near the record it hit a few months ago. This was as companies are keeping supplies steady to meet export and domestic demand.

Oil Rig Count 4

The U.S. weekly oil rig count was steady at 479 on steady demand and on great productivity per well.

AMM Weekly Heavy Melt 4

Scrap steel #1 HMS price was steady at $305/GT as there is downward price pressure for July, mostly on Prime.

Hot Roll Coil 4

Hot-roll coil steel price fell to $31.67/cwt., $633/T. on slow demand and good supply.

Copper 4

Copper price rose to $4.67/lb. on hope of U.S. interest rate cuts and hope of Chinese economic stimulus.

Aluminum 4

Aluminum price rose slightly to $1.14/lb., $2,535/mt., in the same hopes of interest rate cuts and Chinese stimulus.

U S June New Jobs Report

U.S. June new jobs report. We added 206,000 jobs, which was above forecast. Healthcare and education added the most, as retail and manufacturing fell.

U S June Unemployment Rate

U.S. June unemployment rate rose to 4.1%, but not due to more layoffs. It was due to more people joining the workforce, as in looking for work, so the percent not working was up.

U S June Average Hourly Earnings

U.S. June average hourly earnings rose 3.9% vs last year, higher than the 2.6% core PCE inflation. This was the 15th month of wages increasing faster than inflation.

U S June Labor Participation Rate For 25 54 Year Olds

U.S. June labor force participation rate for 25-54 year olds rose to 83.7% the highest in over 20 years. This is great news. More people working, vs sitting home.

U S June Total Nonfarm Employment

U.S. June total nonfarm employment rose to 158.6M a new high in U.S. history on faster than forecast economic growth.

Dow Jones 4

Wall Street’s Dow Jones Industrial Average rose 187 points to 39,306. The good jobs report, higher percent unemployed and the slowing U.S. services industry, could bring interest rate cuts as the economy slows.


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This report by Greg Brown from is brought to you by BENLEE roll off trailers, gondola trailers, crushed car trailers, lugger trucks, roll off trailer parts and of course roll off truck parts for Galbreath, American and more.

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