December 2, 2024
This is the Recycling, Scrap Metal, Commodities and Economic Report, December 2nd, 2024.
U.S. weekly raw steel production rose slightly to 1.65MT, down 1.9% from last year and down 2.1% year to date. This was on continued slow U.S. manufacturing.
WTI crude oil price fell to $68.14/b., the price of 2005, 19 years ago. This was on some easing of Middle East tensions.
U.S. weekly crude oil production rose to 13.5Mb/d, matching the recent all time high in U.S. history. The U.S. remains the #1 global crude oil producer. 50% more than Saudia Arabia.
The U.S. weekly oil rig count fell to 477, staying in a tight range, being careful to not overproduce, which would lower prices and profits.
Scrap steel #1 HMS price was steady to $305/GT. There is downward price pressure for December on slow demand.
Hot-rolled coil steel price rose to $35/cwt., $700/T, but remains low on slow U.S. manufacturing.
Copper price rose to $4.14.lb., on speculation of additional Chinese stimulus. Also, on a weaker U.S. dollar, but concerns over possible U.S. tariffs remain.
Aluminum price fell to $1.18/lb., $2,601/mt. on speculation of increased Chinese stimulus, a weaker U.S. dollar and tariff concerns.
China’s November NBS manufacturing purchasing managers index rose to 50.1, the highest reading since April. This was as output grew the most in 7 months as costs dropped.
U.S. October sales of new single family homes plummeted 17.3% from September, the sharpest since 2013. Hurricanes, high home prices and high interest rates hurt sales.
U.S. Q3 Personal Consumption at constant prices rose to 3.5% annualized. With inflation just over 2%, consumer spending is good.
U.S. October PCE, Personal consumption expenditure index, the U.S. Federal reserve’s preferred measure of inflation. It rose slightly to 2.3% vs last year, from September’s three year low.
U.S. Q3 GDP, gross domestic product, which is economic growth. The economy grew at 2.8% compared to 3.0% in Q2. There was a surge in the consumption of goods as the trade deficit hurt growth. Investment in equipment soared while residential investment fell.
Wall Street’s Dow Jones Industrial Average rose 614 points to 44,911 a record close. Semiconductors led with word of less restriction to sell to China. The huge wealth creation in 401ks and investment accounts helps the economy and spending.
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