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August 9th 2021

Global Economic, Commodities, Scrap Metal, and Recycling Report August 9, 2021


This is the Global Economic, Commodities, Scrap Metal and Recycling Report, by our BENLEE Roll off Trailer and Roll off Pup trailer, August 9th, 2021.

weekly tonnage of raw steel production

U.S. Weekly crude steel production rose to 1.876MT, an 85% utilization rate, vs. 91%+ in 2008. Demand continues to outstrip supply.

Crude Oil

WTI Crude oil price fell to $67.89/b., the largest weekly drop since October 2020. The COVID delta variant is clouding the demand outlook.

US Field Production of Crude Oil

U.S. weekly crude oil production was steady at 11.2M/b/d, well off pre COVID’s high. Producers are slowly recovering from COVID’s sharp drop.

Oil Rig Count

The U.S. Weekly Oil rig count rose to 387, well off the 2014 and pre COVID high. Rigs are very slowly trending up on higher prices.

Scrap Steel

Scrap steel #1 HMS export buying price Philly, fell to $365/GT on good demand and robust supply. Slow economic growth continues.

AMM Weekly Heavy Melt

Scrap steel #1 HMS price fell to about $442/GT. This was on good demand, but again robust supply.

Hot Roll Coil

Hot Roll Coil Steel Price fell slightly to $93.04/cwt., near the record. This is as supply remains constrained and demand remains good.

Copper

Copper price fell to $4.34/lb. on slowing U.S. and China demand. Possible strikes at Chile copper mines could raise prices.

Aluminum

Aluminum price was down slightly to $1.171/lb., $2,580/mt., Near the highest since June 2011 on good demand and tight supply. China continues to sell government reserves to lower prices.

Canada’s July Unemployment Rate

Canada’s July unemployment rate fell to 7.5%, the lowest since March 2020. This was on a major easing of COVID restrictions.

China’s July Trade Surplus

China’s July trade surplus. Note the next chart is the U.S. trade deficit. China’s surplus rose to $56.58B, down from last year’s July. Global demand is softening, due to COVID’s spread.

U.S. June Trade Deficit

U.S. June trade deficit, widened to a new record of $75.7B. The worst ever. Good news is the U.S. is spending more on goods. The bad news is, the U.S. is buying more from others, vs. exports to them.

U.S. July Vehicle Sales

U.S. July new vehicle sales, fell to 14.8M annualized. The semiconductor shortage still causing a shortage of vehicles to buy.

U.S. July New Jobs Report

U.S. July new jobs report. It rose a big 934,000. Most were in leisure and hospitality, as well as government. There is a big upside, in that the total number of people working is still down 5.7M pre COVID.

U.S. July Unemployment Rate

The U.S. July unemployment rate fell to 5.4% the lowest since March 2020. The upside is due to the pre COVID rate was 3.5%.

Dow Jones

Wall Street’s Dow Jones industrial average rose 274 points to 35,209, a record close. This was on economic optimism after a great jobs report.

BENLEE Parts

Pioneer, Roll-Rite, Donovan tarp systems and parts. Buy them online at BENLEE’s parts store at www.benlee.com, or call 734-722-8100 to order. 99%+ ships the same day. Order for your roll off truck, trailer, Dump Trucks, luggers and gondolas.

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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