Scrap Metal, Recycling, Global Economic and Commodities Report 8/19/24

This is the Recycling, Scrap Metal, Commodities and Economic Report, August 19th, 2024.

U.S. weekly raw steel production rose slightly to 1.73MT down .4% from last year and down 2.1% year to date on slow U.S. manufacturing.

WTI crude oil price fell slightly to $76.65/b., as Qatar urged Iran to de-escalate tensions. Also, on weak demand concerns from China.

U.S. weekly crude oil production fell slightly to 13.3Mb/d., just off last week’s record high in American history. U.S. producers are being careful. Too much production will lower prices and their profits.

The U.S. weekly oil rig count fell slightly to 483 on great productivity per well. This is as oil companies keep supplies tight to maximize profits.

Scrap steel #1 HMS price was steady at $305/GT as there is no clear price direction for September.

Hot-roll coil steel price fell to $33/cwt., $660/T near a multiyear low on slow U.S. manufacturing.

Copper price rose to $4.15/lb., as a mine strike in Chile was hurting supply. Also, on hopes of U.S. interest rate cuts which will help demand.

Aluminum price rose to $1.07/lb., $2,368/MT on hopes of better demand.

China July Industrial production rose 5.1% vs last year. This was great growth, but the third monthly slowdown.

U.S. July manufacturing production increased .1% vs last year on high interest rates and bad U.S. Socio-Economic policy. Bad policy keeps imports of manufactured goods high.

U.S. July consumer price inflation fell to 2.9%, which was better than forecast. Shelter and transportation increases eased. New and used vehicles prices fell as energy rose.

U.S. August U of M consumer sentiment rose to 67.8, above forecast. Overall expectations for personal and the 5 year economy rose. The 5 year economic outlook was the highest in 4 months.

U.S. July retail sales soared 1% vs June, better than the .3% forecast. Motor vehicles, electronics and appliances rose the most.

Wall Street’s Dow Jones Industrial Average rose a big 1,162 points to 40,660, near the record high. This was on lower inflation news, as lower interest rates are coming.

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