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This is the Global Economic, Commodities, Scrap Metal and Recycling Report, by our BENLEE Roll off Trailers and Lugger Trucks, January 10th, 2022.
U.S. weekly crude steel production fell to 1.785 MT. This was on a slow growth in demand and imports taking market share.
WTI crude oil price rose to $79.90/b on constrained U.S. and OPEC production. Also, on supply concerns in Kazakhstan and Libya.
U.S. weekly oil production was steady at 11.8Mb/d, 1.3Mb/d less than pre COVID. U.S. oil companies have found a sweet spot of lower production, bringing higher prices and record profits. Also, note OPEC is increasing production 400Kb/d/Month. The U.S. is down 1.3Mb, so three months of U.S. holding back production.
U.S. weekly oil imports, yes imports, fell to 5.88Mb/d. Note that in November 2020, after a 7-year pause, the U.S. restarted importing oil from Russia. Also, there is a false narrative that the U.S. was energy independent in 2020. Many thought we did not import oil. Oil imports peaked in 2008, but about one-third of the oil used in the U.S. is imported.
The U.S. weekly oil rig count rose to 481, down about 40% pre COVID. Lower rigs brings, higher oil prices, record oil profits, but higher global inflation.
Scrap steel #1 HMS price fell to about $420/GT. This was on lower demand and steel mills working to support profits.
Hot roll coil steel price fell to $75.39/cwt, $1,508/T, an 8-month low. This was on a slight increase in demand, but lower priced imports.
Copper price fell to $4.40/lb. on a stronger U.S. dollar. Also, on easing supply concerns and higher interest rates.
Aluminum price rose to $1.32/b., $2,909/mt on falling inventories and on supply concerns on production cuts.
China’s December Caixin general manufacturing index rose to 50.9, the highest since June. This was on easing supply constraints and lower inflation.
The U.S. November trade deficit increased to $80.2B, near the record, on record imports, with increased crude oil and passenger car imports. Also, on record exports, but slower increase, with travel services being highest increase.
U.S. December vehicle sales fell to 12.44M on good demand, but a lack of vehicles. Vehicle shortage meant less on Sale vehicles, so high profits.
U.S. December Jobs report, new jobs, added a low 199,000. Most were in hospitality, services, and manufacturing.
The U.S. December unemployment rate, fell to 3.9% the lowest since February 2020, pre COVID. Economic recovery continues with a strong demand for labor.
Wall Street’s Dow Jones Industrial Average. It fell 106 points to 36,232 on higher interest rate increase fears. The lower jobless percent and higher hourly wages, increases support for higher interest rates.
Safety is #1 at BENLEE. Our roll off trailers are the safest of the safe. Look up danger signs and hoist up strobe are both standard. Importantly, both can be retrofitted on all older trailers. Buy both online, at the BENLEE web store.
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