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This is the Global Economic, Commodities, Scrap Metal and Recycling Report, by BENLEE Roll off Trailers and Load Lugger, Lugger Trucks, February 24th, 2020.
The Coronavirus continues to spread, now in 26 countries. Due to the virus, the IMF, international monetary fund, lowered their global forecast .1% to 3.2%, lowering China’s growth .4% to 5.6%. The U.S. Atlanta Fed says the U.S. forecast for Q1 growth will be approximately 1.6%, while total US growth for 2020, is forecasted by most to be 2.0 to 2.2%. Last year the White House had forecasted 4, 5 and 6% or more growth, but as of two weeks ago, they are now saying 3.0%, which we may miss due to the 2.0-2.2% just stated. We must grow faster.
U.S. weekly steel production rose to 1.907 MT on a continued slow growth economy.
Oil rose to $53.43 a barrel, as OPEC production cuts work to keep prices up.
U.S. weekly oil production was steady 13 million barrels per day, matching the all-time record. Great for U.S. economy.
Iron ore rose to $93/Ton, on continued slow growth, but could be negatively affected shortly due to the coronavirus.
Scrap steel #1 HMS price was steady at $232.67/GT as there is steady to downward price pressure.
Hot roll coil steel fell to $28.70/Hundred, on the slow growth economy and steady scrap prices.
Copper was steady at $2.60 per pound on slow global demand and a weakening China, which consumes about 50% of the world’s copper.
Aluminum rose to 77.3 cents per pound, $1,713.50MT, on the same slow global growth story.
The Euro area, an economy about the size of the U.S., had its February Manufacturing PMI improve to 49.1, but since below 50, that is contraction. In fact, the 13-consecutive month of contraction, but new orders dropped at the slowest rate in 15 months.
February’s U.S. Manufacturing Purchasing Manager’s index fell to 50.8, the slowest expansion since August, caused by weak demand and Chinese delivery delays due to the Coronavirus.
January’s U.S. Building permits rose 9.2%, the strongest gain since September 2012 and the highest since March 2007, with Multi-family housing surging 14.6%. Great News for high wage jobs and overall spending.
Wall Street’s Dow Jones Average fell 406 points to 28,992. Uncertainty around the Coronavirus has Wall Street concerned about U.S. and global growth.
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