April 29, 2024
This is the Recycling, Scrap Metal, Commodities and Economic Report, April 29th, 2024.
U.S. weekly raw steel production fell to 1.72MT down 3.0% vs. last year and down 2.5% YTD. This was on slow U.S. manufacturing.
U.S. natural gas price fell to $1.90/Million metric BTUs, the price of the 1980s. If adjusted for inflation it is just a fraction of the 1980s price. This is great to keep costs down for American homes and businesses.
WTI crude oil price rose to $83.72/b. on improving global demand and persistent supply concerns.
U.S. weekly crude oil production was steady at 13.1Mb/d., remaining near the all-time record. The U.S. remains the #1 global oil producer and the #2 Exporter of crude oil.
The U.S. weekly oil rig count fell to 506, despite near record production. Great U.S. technology makes the export of crude oil profitable.
Scrap steel #1 HMS price was steady at $325/GT. Prices could be steady in May.
Hot-roll coil steel price fell to $40.59/cwt., $812T on slow U.S. manufacturing.
Copper price rose to $4.59/lb., the highest in two years on a bullish forecast and supply concerns.
Aluminum price fell to $1.16/lb., $2,568/mt., still high though. Russian aluminum sanctions are causing price pressure.
The U.S. March goods trade deficit widened to $91.83B, the largest in 11 months, due to decades of bad socio-economic policy. The good economy is driving imports of consumer goods.
U.S. March core PCE, Personal Consumption expenditure index, the Federal Reserve’s preferred measure of inflation. It rose 2.8% vs last year, above the 2.6% forecast. The economy is too good, so too much spending, therefore slow progress to the 2% inflation target.
U.S. Q1 GDP; Economic Growth slowed to an OK 1.6%, but below forecast on slower consumer spending, slower exports, and lower inventories. Some think that this could be revised up, but the slower growth helps reduce inflation.
U.S. April S&P manufacturing purchasing managers index, which is manufacturing levels. Fell to 49.9, the lowest in 4 months. Remember under 50 is contraction. Manufacturers drew down stocks, lead times improved and demand slowed.
U.S. March Sales of new single family homes soared 8.8% percent from February, despite high interest rates. This was on a strong economy and a record number of people working in the U.S.
Wall Street’s Dow Jones industrial average rose 254 points to 38,240 on strong corporate earnings, but higher inflation readings.
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