September 3, 2024
This is the Recycling, Scrap Metal, Commodities and Economic Report, September 3, 2024.
U.S. weekly raw steel production rose slightly to 1.78MT up 2.3% from last year, but down 1.9% YTD on slow U.S. Manufacturing.
WTI crude oil price fell to $73.55/b., on possible October OPEC increased production.
U.S. weekly crude oil production fell to 13.3Mb/d., just off last week’s 13.4M record. Record production is great for U.S. jobs. U.S. is more than energy independent. The U.S. is the #1 energy exporter on the planet.
The U.S. weekly oil rig count was steady at 483 with great technology. We are at record and near record production with a low rig count.
Scrap steel #1 HMS price was steady at $305/GT. Prices are forecast to come down in September.
Hot-roll coil steel price rose slightly to $34.65/cwt., $693/T on slow U.S. manufacturing.
Copper price rose to $4.22/lb., on good but not great global demand.
Aluminum price fell to $1.11/lb., $2,453/mt on weaker Chinese demand and increased supply.
China NBS manufacturing purchasing managers’ index fell to 49.1. Under 50 means contraction. This was the 4th month of contraction in factory activity. New orders, foreign sales and employment all fell.
U.S. July goods trade deficit widened, which means became worse to -$102.7B. This is on decades of bad U.S. policy.
U.S. Second quarter economic growth, GDP. It grew 3.0%, a good number which was raised up from 1.4%. This was on increased consumer spending and increased inventories, while there was lower Federal and Local government spending.
U.S. U of M consumer sentiment survey was revised higher to 67.9. Current conditions feelings are higher, as the year ahead inflation was revised lower.
U.S. July annual PCE, inflation rate. This is the Federal reserve’s preferred inflation measure. It was steady at 2.5%, below the 2.6% forecast. Interesting to note that inflation averaged 3.3% from 1960-2024.
Wall Street’s Dow Jones Industrial Average rose 388 points to 41,563 a record high. This was on a good economy, lower inflation, and lower interest rates.
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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.