Scrap Metal, Recycling, Global Economic and Commodities Report 7/15/24

This is the Recycling, Scrap Metal, Commodities and Economic Report, July 15th, 2024.

U.S. weekly raw steel production fell to 1.69MT down .1% from last year and down 2.7% year to date. This was on slow U.S. manufacturing.

WTI crude oil price fell to $82.21/b., which is high but the price of 2007, 17 years ago. This was on OPEC and U.S. companies restricting supply and on good demand.

U.S. weekly crude oil production rose to 13.3Mb/d., matching the recent high in all of American history. U.S. production is a HUGE 51% higher than the #2 producer, Saudia Arabia.

The U.S. weekly oil rig count fell to 478 on great productivity per well.

Scrap steel #1 HMS price was steady at $305/GT on a good balance of supply and demand.

Hot-roll coil steel price rose slightly to $31.88/cwt., which is $638/T. on soft demand and good supply.

Copper price fell to $4.58/lb., remaining high on weaker Chinese demand, but a strong global forecast. Also, there was the highest copper LME inventory since October 2021.

Aluminum price fell to $1.13/lb., which is $2,481/mt. on soft demand and increased Chinese production.

China’s June Trade surplus surged to $99.05B as exports grew 8.6% and imports dropped 2.3%. China is moving fast to electric vehicles to cut oil imports.

U.S. Weekly initial jobless claims fell to 222,000 with under 300,000 considered a strong economy. The economy is slowing, but still good, which brings higher inflation.

U.S. University of Michigan consumer sentiment index fell to 67.2 with a concern over high prices, but they do believe inflation is moderating.

U.S. June annual inflation, CPI; Consumer Price Index fell to 3% vs last year. Prices actually fell in June vs May. New and used vehicle prices and gasoline fell compared to last year.

U.S. NFIB small business optimism index rose to 91.5, the highest since last December. Concerns about inflation remain the #1 issue.

Wall Street’s Dow Jones Industrial Average rose 695 points to 40,001 a new record high with most 401Ks at record highs. People continue to hate high prices, but the wealth effect is bringing record high airline travel, jammed restaurants and a record number of people working.

Roll off truck parts for sale at BENLEE. Galbreath, Galfab, American, Palfinger, Dragon, G&H and more. Rollers, cables, pins, sheaves, tarps, fenders, valves and more. Call 734-722-8100 to order or buy online at BENLEE. All orders ship same day.

This report by Greg Brown from is brought to you by BENLEE roll off trailers, gondola trailers, crushed car trailers, lugger trucks, roll off trailer parts and of course roll off truck parts for Galbreath, American and more.