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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.
U.S. Weekly crude steel production rose to 1.876MT, an 85% utilization rate, vs. 91%+ in 2008. Demand continues to outstrip supply.
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.
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.
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 #1 HMS export buying price Philly, fell to $365/GT on good demand and robust supply. Slow economic growth continues.
Scrap steel #1 HMS price fell to about $442/GT. This was on good demand, but again robust supply.
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 price fell to $4.34/lb. on slowing U.S. and China demand. Possible strikes at Chile copper mines could raise prices.
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 fell to 7.5%, the lowest since March 2020. This was on a major easing of COVID restrictions.
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, 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 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. 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.
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%.
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.
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.
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