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This is the Global Economic, Commodities, Scrap Metal and Recycling Report, by our BENLEE Roll off Trailer and Open Top Trailer, August 17th, 2020.
U.S. weekly steel production rose to 1.354 M GT as slow economic growth continues.
Oil price rose to $42.01/b as global growth is slowly rising and huge U.S. and OPEC cuts remain in place.
The U.S. Oil rig count fell to 172 a decade plus low, down a staggering 89.3% from the 2014 high as the OPEC/U.S. deal to cut production remains in place.
U.S. weekly oil production fell to 10.7M/b/d near a multi-year low, on low prices and the OPEC/U.S. production cut deal.
Scrap #1 HMS Export Buying price Philly, rose to $220/GT on solid export demand.
Scrap steel #1 HMS price settled at about $211.67/GT as U.S. manufacturing is coming back and export demand remains strong.
Hot Roll Coil steel rose to $23.59/cwt as U.S. Economic Growth continues.
Copper rose to $2.86/lb. on slow global manufacturing growth.
Aluminum rose slightly to $.78.8 a multi month high, excluding spikes, on the same slow global growth.
Gold Price fell to $1,944/oz as U.S. stimulus talks continue, which would support growth.
China’s July Industrial Growth rose 4.8%, below the consensus, as manufacturing and utilities increased, but as mining fell into contraction.
The Euro Area which is an economy similar in size to the U.S., had its June Industrial Production, decrease 12.3% vs., last year, as Europe recovers from COVID.
U.S. Business Optimism Index for July fell to 98.8 on COVID concerns nationally. It was mostly up since 2009 and hit a high in 2018. It then trended down and crashed with COVID.
U.S. Consumer sentiment rose slightly to 72.5 on concerns about COVID spread and more importantly over concerns over growth for next 5 years.
U.S. Inflation for July rose to 1% up from May’s 4.5 year low. Energy dropped 11.2% and transportation services dropped 3.7%.
U.S. Industrial Production for July improved to be down only 8.2% from last year. Note that it peaked in mid-2018. But the good news is many factories have resumed operations.
U.S. Retail Sales for July rose 1.2%, below expectations due to COVID’s resurgence. Electronics grew 22.9% and Auto and Dealer Parts fell 1.2%.
U.S. Weekly initial unemployment claims fell to 963,000, the lowest in months as jobs are slowly improving, which is Great, Great News.
Wall Street’s Dow Jones Average rose 498 points to 27,931 as added Federal stimulus remains in flux and on positive Vaccine news. Best S&P 100 Day gain since 1933.
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