July 8, 2024
This is the Recycling, Scrap Metal, Commodities and Economic Report, July 8th, 2024.
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.
WTI crude oil price rose to $83.44/b. on supply concerns with the hurricane in the gulf of Mexico.
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.
The U.S. weekly oil rig count was steady at 479 on steady demand and on great productivity per well.
Scrap steel #1 HMS price was steady at $305/GT as there is downward price pressure for July, mostly on Prime.
Hot-roll coil steel price fell to $31.67/cwt., $633/T. on slow demand and good supply.
Copper price rose to $4.67/lb. on hope of U.S. interest rate cuts and hope of Chinese economic stimulus.
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. 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 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 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 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 rose to 158.6M a new high in U.S. history on faster than forecast economic growth.
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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As always, feel free to call or email me with any questions and we hope all have a safe and profitable week.