Loading price data
This is the Global Economic, Commodities, Scrap Metal and Recycling Report by our BENLEE Roll off Trailers and Gondola Trailers, Scrap Haulers, April 25th, 2022.
U.S. weekly crude steel production rose to 1.766MT, still below last year. This was on a good economy, but imports are getting cheaper, and taking market share.
The U.S. Dollar index, which is the U.S. dollar vs. other global currencies. It rose to 101.12, the highest since March 2020. A higher U.S. dollar brings lower commodity prices. Also, a higher U.S. dollar, lowers the prices the U.S. pays for imported goods.
WTI crude oil price fell to $102.07/b on concerns over global demand. Also, concerns remain about Europe banning Russian oil.
U.S. weekly crude oil production rose to 11/9Mb/d, the highest in about two years. Importantly, U.S. oil exports were near a record level. The positive about exports is, they bring U.S. jobs and profits. The negative is, they bring higher oil prices to U.S. consumers, due to the oil does not stay here.
The U.S. weekly oil rig count rose to 549. The slow rise brings tight supply & higher prices. Higher prices brings more production and oil exports.
Scrap steel #1 HMS price was steady at $510/GT on good demand, but May prices will be down. The higher U.S. dollar is reducing U.S. scrap exports and could bring scrap imports.
Hot roll coil steel price fell to $73.75/cwt, $1,475/T. This was on good demand, lower priced imports and May scrap prices being down.
Copper price fell to $4.58/lb., the lowest in a month. This was on demand concerns in China, but the long-term forecast remains strong.
Aluminum price fell to $1.56/lb., $3,438MT, close to a two-month low. Chinese aluminum imports were down 71% in Q1, and their exports were up 26.7%. The world is rushing to replace Russia’s approx. 6% of global AL production.
China Q1 Economic growth was 4.8% vs. last year. But there could be a possible major drop in Q2, due to COVID lockdowns. This puts downward pressure on global commodity prices.
Canadian March annual inflation rose to 6.7% the highest since January 1991, over 30 years ago. This was on surging energy, housing, food, and transportation prices.
U.S. 30-year mortgage rates rose to 5.11%, highest since 2010, 12 years ago. This will slow housing and consumer spending, which will help slow inflation.
U.S. April S&P manufacturing purchasing managers index increased to 59.7 with the strongest factory growth in 7 months. There was increased production and stronger demand, but prices were up at a record amount.
U.S. March housing starts. They rose to 1.79M annualized, the highest since June 2006. Soaring mortgage rates and higher home prices will slow starts.
Wall Street’s Dow Jones industrial average fell 640 points to 33,811. High inflation is bringing higher interest rates, which will probably be .5% in May.
Tarp systems and tarp parts for sale at BENLEE. Pioneer, Mountain Tarp, Roll-Rite, Donovan and more. Tarps, Arms, motors, cylinders & more, for your Galbreath roll off truck, American, Galfab or Palfinger. Order at BENLEE’s website or call 734-722-8100.
Member