August 12, 2024
This is the Recycling, Scrap Metal, Commodities and Economic Report, August 12th, 2024.
U.S. weekly raw steel production fell slightly to 1.72MT up .6% from last year, but down 2.2% YTD. This was on slow U.S. manufacturing.
WTI crude oil price rose to $76.84/b., on low inventories. Also, on the Federal Reserve talk of lower interest rates, as well as problems in the Middle East, Libya, and Russia
U.S. weekly crude oil production rose to 13.4Mb/d. a NEW all-time high in U.S. history. This is great for U.S. jobs and exports. The U.S. now pumps 51% more crude oil than Saudia Arabia and we remain the #2 crude oil exporter with the Saudis being #1.
The U.S. weekly oil rig count rose to 485, but has been fairly steady. A tight supply is important to high prices & profits.
Scrap steel #1 HMS price was steady at $305/GT on a good balance of supply and demand.
Hot-roll coil steel price rose to $33.69/cwt.; $674/T as the price remains fairly low on slow demand.
Copper price fell to $3.98/lb.; Copper is called Dr. Metal, as the price of copper knows the health of the economy. The price is at a 4 month low as China’s demand is soft.
Aluminum price rose slightly to $1.04/lb., $2,297/mt, but near a 5 month low. This was on increased Chinese output, lower Chinese demand and increased Chinese aluminum exports.
U.S. July ISM services purchasing managers’ index rose to 51.4, but has been trending down. Fast growing services was driving high inflation.
Corn price, a major driver of inflation fell to $3.95/bushel, a 4 year low. Today’s price is about a peak of 44 years ago. Rising supply brings food prices down.
U.S. 30 year fixed mortgage rate dropped to 6.47% the lowest in 15 months. This helps housing affordability.
U.S. weekly initial jobless claims fell to 230,000 as the job market remains good, not great.
Wall Street’s Dow Jones Industrial Average rose a big 761 points to 39,498. Fewer weekly job layoffs brought hopes of a better economy.
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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.