October 30, 2023
This is the Commodities, Scrap Metal, Recycling and Economic Report, October 30th, 2023.
U.S. weekly raw steel production rose slightly to 1.703MT on slow U.S. industrial production.
WTI crude oil price fell to $85.02/b, on conflict in the Middle East and OPEC+ (Which is OPEC and other countries including Russia and Mexico) production cuts that are keeping prices high.
The U.S. Weekly oil rig count rose to 504, as high prices and financial discipline are bringing slight growth.
U.S. weekly oil production was steady at 13.2Mb/d, an all-time record in American history. The U.S. remains the #1 crude oil producer in the world.
Scrap steel #1HMS price was steady at $330/GT on slow global demand. There is no clear price direction for November.
Hot-rolled coil steel price rose to $39.56/cwt, $791/T. This was on the auto tentative settlement at Ford and Stellantis, which is Chrysler/RAM/Dodge.
Copper price rose to $3.64/lb., on China stimulus and good U.S. consumer spending.
Aluminum price rose to $1.01/lb., $2,231/MT., on Chinese stimulus and lower Chinese production.
U of M October Consumer Sentiment Index was revised higher to 63.8, but still down on deteriorating business conditions and concerns over personal finances.
U.S. September Core PCE, personal consumption index, a measure of inflation. It fell to 3.7% year over year, but was up .3% vs. August. Inflation is still well above the 2% target, but is improving.
U.S. October Manufacturing PMI rose to 50, the highest in 6 months and the end of contraction. Lead times improved and slowing demand was close to stabilizing.
U.S. September new orders for durable U.S. manufactured goods. They surged 4.7%, the biggest increase in over three years. Transportation, computers, and electronics drove the increase.
U.S. Q3 Gross Domestic Product, which is economic growth grew an outstanding 4.9% on strong consumer spending on housing, utilities, and health care. Also, on exports that soared 6.2%, including major oil and gas exports.
Wall Street’s Dow Jones Industrial average fell 709 points to 32,418 on the great Q3 growth and many economic positives. That great news could bring higher for longer interest rates to slow the economy.
Rollers for roll off boxes, container rollers now at BENLEE. Ground rollers and nose rollers in stock. Order online or call 734-722-8100 to order. Ship the same day at great prices.
This report is brought to you by BENLEE roll off trailers, gondola trailers, lugger trucks and roll off trailer parts.
As always, feel free to call or email me with any questions and we hope all have a safe and profitable week.