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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 8th, 2021.
U.S. Weekly crude steel production rose to 1.725MT on very slow U.S. Economic growth. Also, note U.S. & global auto production is down due to a chips shortage which will slow steel demand.
WTI Crude oil price rose to $56.07/b, a one year high, on higher demand and continued global production cuts.
The U.S. weekly Oil rig count rose to 299, down 81.4% from 2014’s high on the slow growth in demand and higher prices.
U.S. weekly crude oil production was steady at 10.9M/b/d, as demand is up, but still depressed.
Scrap Steel #1 export buying price Philly, fell to $320/GT on good demand, but very strong supply.
Scrap steel #1 HMS fell to about $363/GT on the same good demand, but very strong supply.
Hot roll coil steel rose to $59.23/cwt, a record high, on good demand, but a tight supply. Note automotive production cuts will lower demand.
Copper price rose to $3.64/lb., on continued slow global growth.
Aluminum price rose to $.911, on the same continued slow global growth.
Scrap Cardboard Price OCC SE was steady at $85/ton on slow demand growth and good supply.
J.P. Morgan’s January global composite PMI economic Index fell to 52.3 a 6-month low, but that’s still growth since over 50. Manufacturing is rising faster than Services.
Canada’s January Ivey PMI Economic Index rose to 48.4, but under 50 means economy remains in contraction. Employment shrank and prices jumped.
The U.S.’s December trade deficit narrowed to $66.6B, but remains near the worst on record, on good U.S. consumer spending on non-U.S. made products like cell phones, computers and furniture.
U.S. January New Jobs rose a very slow 49K, which was MUCH better than Decembers 227K LOSS. Professional Services & education rose as leisure, hospitality, retail and transportation fell.
U.S. January employment, rose the 49K, but it’s still at the level of about 5 years ago. Great news due to major room for growth.
U.S. January unemployment percent fell to 6.3%, but the government’s own report said about .5% higher so really 6.8%. That is still 9.9M less people working vs. February 2020, But the unemployment % was helped by 406,000 people left the workforce so that are not considered unemployed.
The U.S. February IBD economic optimism index rose to 51.9, the highest since October on the acceleration of vaccinations and COVID cases off the peak. Also, people are more positive about the 6-month outlook and federal policies.
Wall Street’s Dow Jones Industrial average rose 1,165 points to 31,148 near the record on hope of major added U.S. government stimulus, but tempered by U.S. job growth remains very slow.
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