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This is the Global Economic, Commodities, Scrap Metal and Recycling Report, by our BENLEE Roll off Trailers and Gondola Trailers, Scrap Haulers, February 28th, 2022.
U.S. weekly crude steel production rose to 1.764MT. This was on good demand and supply problems with some imports.
WTI crude oil price rose to $91.59/b, which is high, but well below 2008. Russia is the #2 global oil producer and a major exporter, including to the U.S., which is crazy. Global prices are up on fears, but as of Sunday night, when writing this, there have been any supply disruptions.
U.S. weekly oil production remained at 11.6Mb/d. Producers remain disciplined. They are only slowly increasing production to maximize prices and profits.
The U.S. weekly oil rig count rose to 522, as drillers remain disciplined. As said, they are only slowing increasing drilling to maximize prices and profits.
Scrap steel #1 HMS price was steady at $406.67/GT. There is upward price pressure for March of possibly $25/GT or much more.
Hot roll coil steel price rose slightly to $49.50/cwt, $990/T. This was on fair demand and longer lead times for competing imports.
Copper price was down slightly to $4.49/lb., despite Ukraine concerns. Demand is surging because of increased electric vehicles, wind farms, solar and improvement of the power grid.
Aluminum price rose to $1.56/lb., $3,428/mt, a new record high on dwindling inventories. This was on Russia sanction concerns and China production cuts because of COVID and cutting pollution to make the Olympics look better.
Euro area February Manufacturing PMI. Remember the Euro area economy is about the size of the U.S. It fell to 58.4, but that is a strong number. Like in the U.S., surging demand is causing supply chain bottlenecks.
U.S. January new home sales fell 4.5% to 801,000. They were hurt by high prices, rising mortgage rates, low temperatures and the COVID surge.
U.S. January orders for U.S. manufactured durable goods. They rose 1.6% over December, the 4th straight monthly increase. They were led by transportation equipment, machinery, and fabricated metals.
U.S. February IHS Markit manufacturing PMI. It increased to 57.5, as factory orders increased sharply. Production rose, but raw material and labor problems remain.
U.S. 4th quarter, GDP, economic growth rate. It grew 7%, with the total for 2021, 5.7% the best since 1984. Note that 2019 was a slow 2.16%. Inventory rebuilding was the largest factor in Q4, 7% growth.
Wall Street’s Dow Jones Industrial Average. It fell 20 points to 34,059, despite huge gains on Thursday & Friday. Inflation, rising interest rates, Russia/Ukraine concerns and sanctions were all weighing down on the market.
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