September 9, 2024
This is the Recycling, Scrap Metal, Commodities and Economic Report, September 9th, 2024.
U.S. weekly raw steel production fell to 1.76MT up 1.0% from last year. But it was down 2.0% year to date on slow U.S. manufacturing.
WTI crude oil price fell to $67.67/b., the lowest price since June 2023, 15 months ago. This is the price of 2005, almost 20 years ago on soft global demand and strong, near record U.S. oil production.
U.S. weekly crude oil production was steady at 13.3Mb/d., just off the two weeks ago record. Near record U.S. production and soft demand is lowering prices as shown.
The U.S. weekly oil rig count was steady at 483 on the near record oil production. The U.S. remains the #1 oil producer in the world and the #2 crude oil exporter in the world.
Scrap steel #1 HMS price has not settled yet, but could fall to about $285/GT on slow global manufacturing.
Hot-roll coil steel price rose slightly to $34.75/cwt., $695/T on slow U.S. manufacturing.
Copper price fell to $4.06/lb., still fairly high on slowing global manufacturing.
Aluminum price fell to $1.06/lb., $2,341/MT on slow demand, especially in China.
U.S. July Trade Deficit of goods and services widened, became worse to $78.8B. Exports hit a new record, but imports soared. The highest imports were for computer accessories and metal parts.
U.S. August new jobs report showed that they increased to 142,000 as the forecast looks steady. Construction and healthcare grew the most as manufacturing declined.
U.S. August unemployment rate fell to 4.2% on the slow growth economy.
U.S. total employees rose to 158.8M the highest in American history. Many continue to find work while many retire. 401Ks are near record levels helping people leave the workforce.
U.S. 10 year note bond yield, a main interest rate for the economy. Home mortgages and other bank rates are based on this. It fell to 3.7% the lowest point in over 15 months. The slowing economy brings lower interest rates. Lower rates help the economy.
Wall Street’s Dow Jones Industrial Average fell 1,218 points to 40,345. The slowing U.S. economy is concerning investors.
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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.