August 5, 2024
This is the Recycling, Scrap Metal, Commodities and Economic Report, August 5th, 2024.
U.S. weekly raw steel production fell slightly to 1.73MT, up 2.4% from last year and down 2.1.% YTD on slow U.S. manufacturing.
WTI crude oil price fell to $73.52/b., the lowest in two months despite rising tensions in the Middle East. Concerns over slow demand are outweighing the risks.
U.S. weekly crude oil production was steady at 13.3Mb/d, remaining at a record level. Concerns over lower demand could lower production.
The U.S. weekly oil rig count was steady at 482 with record production. Great productivity per rig continues.
Scrap steel #1 HMS price was steady at $305/GT on slow U.S. and global manufacturing. There is little price pressure up or down in August.
Hot-roll coil steel price rose slightly to $32.89/cwt., $657/T on slow U.S. Manufacturing.
Copper price rose slightly to $4.13/lb., which is high, but near a 4-month low. This was on slow manufacturing in the U.S. and China.
Aluminum price fell slightly to $1.03/lb., $2,266/mt on poor demand and higher Chinese aluminum production.
China July NBS manufacturing PMI fell to 49.4, the third month under 50 which is contraction. Output rose, but there was weak employment, yet solid sentiment.
U.S. July ISM manufacturing PMI fell to 46.6 with again, under 50 being contraction. New orders, backlogs, production, and employment all fell.
U.S. July new jobs, added 114K, well below forecast. Healthcare and construction rose, and information systems jobs fell.
U.S. July unemployment rate rose to 4.3% the highest since October 2021. High interest rates are slowing the economy, which is the government’s goal. The slowing economy will reduce inflation.
U.S. July average hourly earnings rose 3.6%, the least since May 2021, but well above 2.6% inflation. Workers had huge salary increase early COVID, but then lost some with higher inflation. For about the past 14 months salary increases have been faster than inflation.
U.S. July total employment, rose to 158.7M a new record high in U.S. history. This is great economic news, but as we see hiring is slowing.
Wall Street’s Dow Jones Industrial Average fell 852 points to 38,737 on economic slowing. The Federal reserve said it many drop interest rates in September, 7 weeks from now.
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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.