This is the Global Economic, Commodities, Scrap Metal and Recycling Report, by our BENLEE Roll off Trailer and Gondola Trailer, December 7th, 2020.
U.S. Weekly crude steel production fell to 1.56MT on slowing U.S. Growth as record COVID Deaths and hospitalizations are slowing the U.S. recovery.
Crude oil price rose to $46.11/b a multi month high, on the possible $908B U.S. Stimulus Bill, but despite an OPEC/Russia agreement to slightly increase production.
The U.S. weekly Oil rig count rose to 323, down 80% from the 2014 high, as demand is slowly rising, but oil price is still low, which limits drilling in expensive areas.
U.S. weekly crude oil production, rose to 11.1M/b/d, showing stabilization, months after hitting an all-time high, as demand is rising very slowly.
Scrap Steel #1 HMS Export buying price Philly rose to $265/GT the highest in about 18 months, on global growth and on a low U.S. dollar, which is driving demand from the U.S.
Scrap steel #1 HMS price rose to about $310/GT, the highest in about 20 months on good U.S. and global demand as well as the low U.S. dollar index, which makes it cheaper for other countries to buy from the U.S.
Hot roll coil steel rose to $42.53/cwt, the highest in over 2 years on OK demand, but as steel mills are passing along higher scrap steel and iron ore prices.
Copper price rose to $3.53/lb., about a 7 year high on continued global growth and the weak U.S. dollar. Higher copper price is a great positive future growth indicator.
Aluminum price rose to 92.4 cents per pound, near a 2+ year high on the same dynamics as copper.
Cardboard Scrap, OCC SE rose to $80/T, on slow U.S. & global growth and a weak dollar driving foreign demand.
November’s U.S. PMI manufacturing index, fell to 57.5, from a 2 year high in October, which is still very good expansion, but COVID’s resurgence is bringing short term shutdowns and difficulty in hiring workers.
November’s U.S. monthly jobs created fell to a terrible 245,000, so there are now 9.8M less jobs vs. February. As a reference, 8.8M jobs were lost at the low point of the 2008-2010 recession. The great news is, the upside is huge, but now it is ugly at best.
November’s U.S. unemployment rate fell to 6.7%, but the government’s own footnote says it is really about .4% higher, so it is really 7.1% and this is percent of workers, not working. Last month 400,000 people stopped even looking for work, so they are not in the workforce, which lowers this rate.
The U.S. 30-year mortgage rate fell to 2.71%, a record low. Even if you have a 4% mortgage consider refinancing. This is great for housing sales and great for the economy as more people save money in refinancing and then spend the money elsewhere.
Wall Street’s Dow Jones Industrial rose 955 points to 30,218 a record high, on positive future growth, but despite record COVID deaths and record hospitalizations which is slowing U.S. jobs.
Gondola Trailers by BENLEE are the most popular in 48’ and 53’ lengths with 8’ high walls. Standard units are high strength, light, Hardox steel, to carry the maximum loads and last for decades.