July 22, 2024
This is the Recycling, Scrap Metal, Commodities and Economic Report, July 22nd, 2024.
U.S. weekly raw steel production rose to 1.73MT up 2.7% from last year, but down 2.5% YTD on slow U.S. manufacturing.
WTI crude oil price fell to $80.02/b., remaining fairly high on a possible Gaza ceasefire and good U.S. economic news. Good news strengthens the U.S. dollar, which hurts demand for U.S. oil.
U.S. weekly crude oil production was steady at 13.3Mb/d the all-time high in U.S. history. The U.S. remains careful not to over produce which would lower prices.
The U.S. weekly oil rig count fell to 477 as producers are increasing productivity per well.
Scrap steel #1 HMS price was steady at $305/GT on a good balance of supply and demand.
Hot-roll coil steel price fell to $31.06/cwt., $622/T on slow U.S. manufacturing and good supply.
Copper price fell to $4.24/lb., a three month low on pessimism on Chinese demand and high inventories.
Aluminum price fell to $1.07/lb., $2,351/mt on the same pessimism of Chinese demand and on increased Chinese aluminum output.
China’s NBS June Industrial Production increased 5.3% vs last year, which is good but slowing. Coal, other mining, and textiles grew the most.
U.S. June retail sales increased 2.3% vs LY, which is down when adjusted for 3%+ inflation. Gasoline and autos fell the most. Building materials rose the most.
U.S. June Housing starts rose 3% to 1.31M annualized, but the rate of the 1950s. This was on higher home prices and higher interest rates.
U.S. weekly jobless claims rose to 243,000, which was higher, but still low. A softening labor market will bring lower interest rates.
Wall Street’s Dow Jones Industrial Average rose 287 points to 40,288 and hit a record high during the week. The S&P and NASDAQ fell on the rebalancing of portfolios.
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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.