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Scrap Metal & Commodities Recycling Report - BENLEE Roll Off Trailers 11.13.17

This is the Scrap Metal, Commodities, Recycling and Economic Report, by BENLEE and Raleigh and Goldsboro Recycling, November 13th, 2017. 

Last week commodity prices and economic reports were mixed.

weekly tonnage of raw steel production

U.S steel production fell slightly remaining well ahead of last year and ahead of two years ago at this point of the year, due to good demand.

Crude Oil

Oil rose about $1.50/barrel to $63.60 hitting a new multi-year high on good global demand.

4 Week Avg US Field Production of Crude Oil

With oil prices high, and the oil rig count going up by 9 to 738, U.S. oil production hit a new all-time high which is great news for the oil and steel industry as well as job growth.

 

4 Week Avg US Exports of Crude Oil

Related, U.S. Oil exports (yes exports) hit a new all-time high as well, which is helping put downward pressure on the rising oil prices and again great for U.S. jobs.

Iron Ore

Iron ore rose $2/MT to $62.00, which is putting slight upward pressure on steel prices along with good demand.

 

AMM Weekly Heavy Melt Price

Scrap ferrous prices remained flat as there is word of higher prices next month. Nucor’s DRI, scrap metal substitute plant has gone down again, which will put upward pressure on prices.

Hot Dipped Galvanized Coil

Hot dipped galvanized steel held at $980/T, as upward pressure continues with higher iron ore prices and the DRI plant down.

 

304 Stainless Scrap

Stainless 304 scrap prices remained steady yet again at 29.5 cents, on no new news.

Copper

Copper fell 4 cents and we now tracking March COMEX at $3.09. Copper remains off the multiyear high of last month and is no change this morning staying at $3.13.

 

5 Year Copper

The 5 year chart shows copper in a range below the three year high it hit last month.

 

1 Year Copper LME

Copper inventories fell slightly which will put, upward pressure on prices.

 

Aluminum

Aluminum fell 4 cents, ending at 94.6 cents, staying near a 6 plus year high. Smelters are full of scrap, so we are seeing shipments of scrap moved out to December.

 

5 Year Aluminum LME

Aluminum inventories continue to fall to new about 10 year lows keeping upward pressure on prices.

 

OCC Southeast

Cardboard fell $20/Ton to $115. This means prices were a huge 60% higher, $70 Ton, just three months ago.

China Flag

China is the key reason for this cardboard drop as China has been reducing imports of scrap paper, cardboard, plastic and metal.

 

Total Transportation Services

The Transportation Services Index hit a new all-time high last month. This is a measure of the volume of services performed for the hire for freight and hire for passenger carriers. Great news for the economy and explains why it is tough to find truck drivers and why airports have been so busy.

 

U.S. Non-Manufacturing ISM

The U.S. ISM, non-manufacturing index rose to 60.1 in October, making it the highest reading since August 2005, more than 12 years ago, as production, employment and inventories rose and outlook for business conditions remained positive.

 

US Consumer Sentiment

The University of Michigan's consumer sentiment index for the U.S. fell to 97.8 in November from October’s 100.7 which was the strongest reading since January 2004, as current and expected economic conditions deteriorated with consumers expecting inflation to rise next year.

 

Dow Jones

Wall Street’s main indexes all hit new record highs during the week, but the DOW finished the week down 117 points to 23,422 as there was word that the corporate tax cut that has been proposed might not take effect until 2019. Also, the Majority leader of the Senate said the proposed legislation for Tax cuts would raise taxes on some middle class families, to help pay for corporate tax cuts.

 

S&P

Even with such a great stock market, there remains upside. This chart shows the increase in the S&P 500 a year after election. 21.1 percent is great for Trump, but since 1952, Clinton, Kennedy, Obama and Bush I, were better, so there is more upside to Trump’s numbers.

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