December 11, 2023
This is the Commodities, Scrap Metal, Recycling and Economic Report, December 11th, 2023.
U.S. weekly raw steel production rose to 1.7MT a somewhat low level on continued slow U.S. demand.
WTI crude oil settled price fell to $71.23/b. on uncertain demand in China and the U.S. Related last week there was near record U.S. oil exports.
The U.S. weekly oil rig count fell to 503 on great productivity per well and disciplined very slow increased production.
U.S. weekly oil production fell to 13.1Mb/d, remaining near the record. It could still go to 13.5M+ next year.
Scrap steel #1HMS price rose to about $380/GT on good export demand and limited increase in domestic demand.
Hot-rolled coil steel price rose to $52.50/cwt., $1,050/T. on higher iron ore and scrap prices and some higher demand.
Copper price fell to $3.83/lb., on concerns of lower demand, but on higher Chinese imports.
Aluminum price fell to $.97/lb., $2,139/mt. near a 4 month low on lower Chinese demand and concerns over global demand.
China November consumer inflation fell to -.5% vs last year driven by lower food and energy prices. This helps lower U.S. inflation, because we buy so much from China.
U.S. November new jobs report added 199,000 jobs, below the 12 month average. Healthcare rose while about 50,000 auto workers and screen writers returned to work. Net of automotive, manufacturing employment declined. Retail declined as well.
U.S. November total payrolls rose to 157.1M the highest in American history. Great news for the U.S. economy. More workers brings more supply, so helps reduce inflation.
U.S. November unemployment rate fell to 3.7%, near the 50 year low, near the lowest in half a century. The number of unemployed fell 215,000 and the number of employed rose a huge 757,000.
U of M December consumer sentiment survey surged to 69.4 the highest since August and 39% above the June 2022 low. This was on the positive belief that inflation is slowing.
Wall Street’s Dow Jones Industrial Average rose 2 points to 36,248, very near the all-time record. This was on the slowing U.S. economy that could bring lower interest rates that helps the economy.
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