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This is the Global Economic, Commodities, Scrap Metal and Recycling Report, by our BENLEE Roll off Trailers and Gondola trailers, August 30th, 2021.
U.S. Weekly crude steel production rose to 1.877MT, an 85% utilization rate, vs., 2008’s 91%+. This was on good demand, but multiple mills are closing for maintenance.
WTI Crude oil price rose to $68.74, the largest weekly jump in 14 months. This was on most of the Gulf of Mexico production is shut due to the hurricane.
The U.S. Weekly Oil rig count rose to 410, off 74.5% from 2014 and off about 40% pre COVID. A slow increase in rigs continues, while weekly U.S. imports oil from Saudia Arabia and Russia continue.
Scrap steel #1 HMS export buying price Philly, fell $20/GT to $345/GT on good demand, but very good supply.
Scrap steel #1 HMS price was steady at $438.33/GT with downward pressure of $10-$20/GT+ on the same good demand and very good supply.
Hot Roll Coil Steel Price rose to $97.06/cwt, $1,941.20/T, 4.2 times what is was in October 2019, pre COVID. Vehicle production remains constrained so it could be worse. Planned mill shut downs mean limited relief in sight.
Copper price rose to $4.34/lb., as the strike threat in Chile ended. Also, while China had no new COVID cases the Delta variant remains a concern.
Aluminum price rose to $1.215/lb., $2,678/mt a 10 year high. This was as China reduced production to cut emissions. China’s aluminum demand growth is estimated at 8% in 2021, on their climate change investments.
U.S. Federal Reserve interest rates and QE, quantitative easing, which is their printing money. The Fed announced no plan to increase interest rates, but they said the economy is improving, so they may reduce QE in late 2021.
U.S. August Consumer Confidence Index. It was revised up to 70.3, but still a horrific drop. The Delta variant and inflation are major concerns.
The U.S. July goods trade deficit improved to -$86.38B the lowest in 3 months. This was on record exports with BMW vehicles built in S.C. leading the improvement.
U.S. Q2 economic growth, GDP. It was revised higher to 6.6%, but COVID could hurt 2nd half 2021. Note the average 2.18% pre COVID 6 quarters. It had been forecasted at 4-5% growth, spurred by the 2018 tax cut, but that never happened.
U.S. August Markit manufacturing PM index. It fell to 61.2 with the slowest factory growth in 4 months. New order growth was strong, but slowed. Material and labor shortages remain.
Wall Street’s Dow Jones Industrial average rose 336 points to 35,456. This was on higher U.S. personal income and spending. Also, on the federal reserve being positive about the economy so as said, they will slow QE, the printing of money, at the end of 2021.
Gondola trailers are for sale at BENLEE. We have many leadership features on our all Hardox ™, trailers. One exclusive is we have all 102” wide axles for added safety and stability. Trailers come in 40-53’, 4’ to 8’ high and all are 102” wide. We will be back in stock in 3-4 weeks.
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