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This is the Global Economic, Commodities, Scrap Metal and Recycling Report, by our BENLEE Roll off Trailer and Lugger Truck, April 19th, 2021.
U.S. Weekly crude steel production fell to 1.761MT as the steel mill utilization rate fell to 77.6%, despite good demand and short supply. Low production is continuing to drive prices higher.
WTI Crude oil price rose to 63.13/b, the 4th week of gains on upbeat economic news from China and the U.S. Also, the IEA (International Energy Agency) and OPEC raised oil demand forecasts.
The U.S. Oil rig count rose to 344, still down 78.6% from 2014’s high. Good demand and better prices are supporting the rig count.
Scrap Steel #1 HMS buying price Philly, rose to $340/GT on good demand and good supply.
Scrap steel #1 HMS settled at $391.67/GT on slow demand increases and good supply. This could bring stable prices in May.
Hot roll coil steel rose to $68.57/cwt, near a new record high on good demand and limited supply. Prices remain rising.
Copper price rose to $4.16/lb. on better than forecast, U.S. & China economic news. Also, copper forecasts are positive and there are supply disruptions in South America due to COVID.
Aluminum price rose to $1.04/lb. near a multiyear high on strong demand and possible Chinese production cuts, to cut carbon emissions in China.
Chinese 1st Q GDP, economic growth, grew at 18.3% vs. last year’s COVID shut down. This was the fastest growth on record since 1992, when reporting started. Major growth in exports to the U.S. of consumer goods fueled growth.
Canadian S&P/TSX Toronto Stock Market Index rose to 19,351 a new record high, which was commodities and raw materials driven. But the economy continues to struggle with COVID.
U.S. March inflation rose to 2.6% the highest since August 2018, but core inflation with excludes food and energy, rose only 1.6%. Gasoline rose 22.5%, trucks 9.4% and Natural Gas rose 9.8%.
U.S. April University of Michigan consumer sentiment index, rose to 86.5 the highest since March. Improving current economics were key as well as the huge gains vs. last year’s shutdowns. People are the most optimistic about job creation ever recorded.
U.S. March NFIB small business optimism index, rose to 98.2, the highest in 4 months as State and Local restrictions are being eased. The labor shortage is a crucial issue holding back growth.
U.S. initial unemployment claims fell to 576,000, the lowest since March 2020. Vaccinations are picking up speed and supporting reopening. The $1.9T Stimulus is supporting growth, but 16.9M people are still collecting unemployment.
U.S. March housing starts soared 19.4% to 1.739M annualized, the most since 2006. Low interest rates and increased demand of people moving out of cities is driving the growth. The Upside remains huge. Starts are only at the rate of the 1960s.
Wall Street’s Dow Jones Industrial Average rose 400 points to 34,201 a new record high on optimism of a great economy. There are forecasts now of 2021 GDP Economic growth of 7% or more, the highest in decades. A high Dow brings the wealth effect. People feel rich, so spend more which helps the economy.
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