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August 16th 2021

Global Economic, Commodities, Scrap Metal, and Recycling Report August 16, 2021


This is the Global Economic, Commodities, Scrap Metal and Recycling Report, by our BENLEE Roll off Trailer and Roll off Pup trailer, August 16th, 2021.

weekly tonnage of raw steel production

U.S. Weekly crude steel production fell to 1.872MT an 84.7% steel mill utilization rate, vs. 91%+ in 2008. This was on increasing demand, but steel mills announced closures for maintenance.

Crude Oil

WTI Crude oil price rose to $68.03/b, near a multiyear high. This is a really, really crazy industry. 16 months ago, the U.S. cut a deal with OPEC to cut U.S., not OPEC, but cut U.S. production to get oil prices up, yes to get oil prices higher. This week, the U.S. called OPEC to raise OPEC’s production to lower prices.

US Field Production of Crude Oil

U.S. weekly crude oil production rose to 11.3Mb/d, still down a huge 1.8Mb/d pre COVID. Lower U.S. and global production is still bringing higher prices.

Oil Rig Count

The U.S. Weekly Oil rig count rose to 397 well off pre COVID and 2014’s high. The industry is struggling to raise production after COVID’s crash.

AMM Weekly Heavy Melt

Scrap steel #1 HMS price fell to $438.33/GT as good demand and very good supply remain.

Hot Roll Coil

Hot Roll Coil Steel Price rose to $96.11/cwt, near the record hit during the week. Constrained supply continues to bring record prices.

Copper

Copper price rose to $4.36/lb. The world’s largest copper mine voted to strike and the U.S. senate approved the $1T infrastructure bill that supports demand.

Aluminum

Aluminum price rose to $1.186/lb. $2,614mt, the highest since June 2011. This was on good demand and tight supply as China cut production, to cut smog.

Eurozone June Industrial Production

Eurozone’s June industrial production fell by .3% from May. Capital/Durable goods were down as non-durable goods were up.

Eurozone June Trade Surplus

Eurozone’s June trade surplus. Note as shown last week, the U.S. is running record trade deficits. Eurozone’s trade surplus grew to 18.1B Euros. Eurozone’s surplus with China grew the most.

U.S. August Preliminary U Of M Consumer Sentiment

U.S. August preliminary U of M consumer sentiment crashed to 70.2 one of the largest drops ever. There were worries about COVID, inflation and personal finances.

U.S. July Core Inflation

U.S. July core inflation, which excludes food and energy. It fell to 4.3% as the used cars and trucks index soared 41.7%. Note total inflation was flat at 5.4%.

U.S. Weekly Jobless Claims

U.S. weekly jobless claims, fell to 375,000 despite COVID’s resurgence. Claims should improve in September when the extra $300/wk. in Federal unemployment benefits ends.

U.S. June Open Jobs Report

U.S. June open jobs report rose to 10.1M, a record high. The largest gains were in professional services and retail trade.

Dow Jones

Wall Street’s Dow Jones industrial average rose 306 points to 35, 515 a new record. This was on strong earnings and the massive infrastructure bill.

Lugger

Lugger trucks and lugger hoists by BENLEE. We are #1 in the industry with the acquisition of Huge Haul. Buy a new lugger truck at BENLEE or rent one at Premier Truck Sales and Rental.

Metal Test Magnet With Handle 18 lb N52 Grade Neodymium Rare Earth

Metal Test Magnet With Handle 18 lb N52 Grade Neodymium Rare Earth

Industrial Test Magnet 30 lb N52 Grade Neodymium Rare Earth With Handle

Industrial Test Magnet 30 lb N52 Grade Neodymium Rare Earth With Handle

Metal Test Magnet

Metal Test Magnet

Metal Test Magnet

Metal Test Magnet

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