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This is the Global Economic, Commodities, Scrap Metal and Recycling Report, by our BENLEE Roll off Trailer and Gondola Trailer, February 15th, 2021.
U.S. Weekly crude steel production fell to 1.705MT on slow economic growth and the global computer chip shortage which is hurting the ability to manufacture vehicles, so less steel is being used.
WTI Crude oil price rose to $59.65/b, near a 13-month high on hopes of a new stimulus bill in the U.S., as oil supply cuts continue. Also, the forecast for 2021 global oil demand was lowered.
The U.S. weekly Oil rig count rose to 306, down 81% from 2014’s high, as technology allows for using less rigs and slow growth in demand.
U.S. weekly crude oil production rose to 11.0m/b/d, down 16% from February’s high on Slow growth in demand and good supply.
Scrap Steel #1 HMS export buying price Philly, fell to $310/GT on good demand, but very strong supply.
Scrap steel #1 HMS settled at $360/GT on the same good demand, but very strong supply.
Hot roll coil steel fell to $58.67/cwt remaining very high on a slow growth in demand, but tight supply.
Copper price rose to $3.80/lb., near an 8 year high on continued slow global growth.
Aluminum price rose to 94.4 cents per pound, near a 3 year high on the same continued slow global growth.
Eurozone’s GDP, Growth forecast for 2021. Actual is below. Remember the Eurozone’s economy is about the size of the U.S. They lowered their forecast to 3.8% for 2021 and 2022 on progress in vaccinations, but last fall’s COVID resurgence caused shutdowns. FYI, the U.S. Forecast for 2021 is over 4%.
U.S. February consumer sentiment index fell to 76.2 the lowest since August. Views of future expectations and of current conditions fell. Households with incomes below $75,000 felt the worst.
U.S. January NFIB small business optimism index fell to 95 the lowest since May on weaker short-term expectations. Also, expectations of improvement in the next 6 months were at a 7-year low.
U.S. January inflation was steady at 1.4%. Note that the Federal Reserve target is an average of 2%. Food, used cars and trucks, utility gas and medical services were up, as apparel, Overall energy costs were down.
U.S. Initial unemployment claims fell to 793K, the lowest in 4 weeks, but under 300K is needed for good growth. Another 335K self-employed people filed, so the real total was 1.128M. This shows a slowdown in the recovery amid a lack of Federal support.
Wall Street’s Dow Jones Industrial average rose to 31,458 near the record high on hopes of new stimulus and the U.S. government purchasing another 200M doses of the COVID vaccine.
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