May 1, 2023
This is the Commodities, Scrap Metal, Recycling and Economic Report. Brought to you by BENLEE roll-trailers, gondola trailers and roll-off truck parts, May 1st, 2023. This is Brian Sides reporting for Greg Brown.
U.S. weekly raw steel production rose to 1.7MT, 76.6% of capacity, vs. 81.9% last year. This was on the slowing economy and steel mills keeping supplies tight.
WTI crude oil price fell to $76.78/b., on the global slowdown, but with tightening supplies.
The U.S. weekly oil rig count was steady at 591, but it could increase slightly due to fairly high oil prices.
U.S. weekly crude oil production fell to 12.2Mb/d, in a tight range for 11+ months. This was on the slowing U.S. economy and keeping supplies tight.
Scrap Steel #1 HMS price will fall to about $345/GT. Prices are in flux for April on the slowing global economy that is hurting demand.
Hot-rolled coil steel price fell to $56.29/cwt., $1,126/T on a slowing U.S. economy.
Copper price rose to $3.90/lb., but near a multi month low. This was on slowing demand while supplies remain restricted.
Aluminum price fell to $1.07/lb., $2,355/MT on the same global slowdown.
China’s April NBS Manufacturing Index fell to 49.1. This was contraction due to the global slowdown as exports fell.
U.S. Q1 Economic Growth, GDP rose a slow 1.1%, well off the 2.6% of the previous quarter. Business investment and inventories declined, but consumer spending accelerated to 3.7% from 1%.
U.S. March ISM Manufacturing Purchasing Manager’s index fell to 46.3 with under 50 being contraction. This was the 5th month of factory activity contraction.
U.S. March Personal Consumption Expenditure Index. This is the Federal Reserve’s preferred measure of inflation. It fell to a rise of only 4.2%, vs., last year, the lowest in about 2 years. Goods only rose 1.6% while services increased 5.7%.
U.S. March Pending home sales fell 5.2% vs. February. A lack of supply and high interest rates are both a problem.
Wall Street’s Dow Jones Industrial Average rose 289 points to 34,098 on good earnings and lower inflation news.
Roll-off trailers by BENLEE. Our roll-off truck replacement, the Super Mini is only 12″ longer than a roll-off truck when behind a day cab. If carries more weight legally and pivots, so it gets into a tighter spot vs. a truck. Also, at $86,000 vs., $275,000 or more for three axles in the back roll-off truck, save a cool $189,000 or more, really is you have a day cab.
As always, feel free to call or email me with any questions and we hope all have a safe and profitable week.