August 23, 2024
This is the Recycling, Scrap Metal, Commodities and Economic Report, September 23rd, 2024.
U.S. weekly raw steel production fell slightly to 1.75MT, down 3.4% from last year and down 1.7% YTD on slow U.S. manufacturing.
WTI crude oil price rose to $71.00/b., on increased tensions in the Middle East. Also, on U.S. refineries scheduled to increase oil use in the coming months.
U.S. weekly crude oil production fell slightly to 13.2Mb/d., remaining near the recent record high. The U.S. continues producing about 50% more crude oil than Saudi Arabia.
The U.S. weekly oil rig count was steady at 488 on great productivity per well. Also, on concerns over soft demand.
Scrap steel #1 HMS price was steady at $305/GT on a good balance of supply and demand.
Hot-roll coil steel price fell slightly to $34.79/cwt., $695/T as U.S. manufacturing is near a low point.
Copper price rose to $4.33/lb., a two month high. The interest rate cut supports faster economic growth.
Aluminum price rose slightly to $1.13/lb., $2,490/MT on hopes of increased demand.
U.S. Retail sales rose 2.1% year over year, vs a forecast of a 2.1% decline. Miscellaneous store and Nonstore retail grew the most. Gasoline fell the most. Record 401ks and record stock prices are support spending.
U.S. August manufacturing production increased .2% year over year. High interest rates are hurting production and demand.
U.S. weekly initial jobless claims fell to 219,000 a 4 month low. The labor market is slowing, but remains tight.
U.S. Federal Reserve interest rate. It was cut by a jumbo .5% to 4.75-5.0%. The forecast is for another two .25% cuts this year. Inflation is falling fast, yet prices are still high. Economic growth is good.
Wall Street’s Dow Jones Industrial Average rose 669 points to 42,062 a new all-time record. The inflation rate is down and salary increases are higher than inflation. Consumers continue to spend as the non-manufacturing economy is doing well.
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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.