Loading price data
Register/Sign in
Scrap Monster
Sell Your Junk CarGet an instant quote for your car on ScrapMonster.com
Access the
Platform
ScrapMonster has become North America's largest scrap trading platform with 105,529 members and the trusted source for scrap prices, news, and information. Join Today!
January 11th 2021

Global Economic, Commodities, Scrap Metal, and Recycling Report January 11, 2021


This is the Global Economic, Commodities, Scrap Metal and Recycling Report, by our BENLEE Roll off Trailer and Gondola Trailer, January 11th, 2021.

 

weekly tonnage of raw steel production

U.S. Weekly crude steel production rose to 1.65MT, as the slow growth economy continues, but it is being dragged down by COVID record cases and Deaths.

 

Crude Oil

Crude oil price rose to $52.24/b, the highest in months on growing demand and continued production cuts, as Saudi Arabia announced additional production cuts.

 

Oil Rig Count

The U.S. weekly Oil rig count rose to 275, down 83% from the 2014 high. Relatively low prices and low demand as well as new technology are keeping the new rig count low.

 

US Field Production of Crude Oil

U.S. weekly crude oil production was steady at 11.0 M/b/d, and remains off the March 2020 high, as there remains a slow growth in demand.

 

AMM Weekly Heavy Melt

Scrap steel #1 HMS rose but not clear how much yet, to about $385/GT, the highest in years, on good U.S. and export demand. Incoming supply is just OK, but getting better.

 

Hot Roll Coil Steel

Hot roll coil steel rose to $52.11/cwt, near a 12.5 year high on good demand and tight supply, as well as passing on higher scrap and iron ore prices.

 

Copper

Copper price rose to $3.69/lb., near an 8 year high. Rising copper prices are an outstanding positive future economic indicator.

 

Aluminum

Aluminum price rose to 92 cents a pound near a 2 year high on the same factors as copper.

 

Cardboard

Cardboard scrap OCC SE rose to $85/ton on the slow increase in U.S. and global demand.

 

China’s December Caixin

China’s December Caxin General Manufacturing index, fell to 53 from the 10 year high in November. Remember over 50 is expansion. New orders rose slower, sentiment remained solid and macroeconomic indications showing stronger for the next 6 months.

 

Canada’s December IHS Manufacturing Index

Canada’s December IHS Manufacturing index rose to 57.9 the strongest improvement in 10+ Years, as output and new orders rose, but supply chains were hurt by COVID. Selling prices increased the fastest in over 2 years.

 

U.S. Nov. Trade Deficit

The U.S, November trade deficit of goods and services. Note last week we showed Goods only. It widened to $68.1B, the worst since August 2006, making it near the worst in history. Exports rose 1.2% and imports grew 2.8% with cell phones being the biggest driver. The trade deficit with China widened $3.5B to $30B, 44% of the total.

 

U.S. December Jobs Report

The U.S. December jobs report was very bad. We lost 140 jobs, well below the plus 71K forecast. Leisure and hospitality lost 498K and Professional and business services gained 161K.

 

U.S. December Jobs Report

Total U.S. Jobs, which are called non-farm payroll, are now at about 142.6M, the level of October 2015, 5+ years ago. We are now about 10M off the all time high of 152.5M in February 2020, so there is Major upside to the economy as jobs come back.

 

Total U.S. Jobs “Non Farm payroll”

U.S. December manufacturing PMI Index rose to 57.1 the strongest growth in factories since September 2014. Production growth was the strongest since March 2015, but new orders softened due to supplier delays, due to COVID.

 

Dow Jones

Wall Street’s Dow Jones Industrial average rose 492 points to 31,098 a new record high on vaccine optimism and continued massive government stimulus. The recovery is slowing as record daily COVID deaths causing closings.

Metal Test Magnet With Handle 18 lb N52 Grade Neodymium Rare Earth

Metal Test Magnet With Handle 18 lb N52 Grade Neodymium Rare Earth

Industrial Test Magnet 30 lb N52 Grade Neodymium Rare Earth With Handle

Industrial Test Magnet 30 lb N52 Grade Neodymium Rare Earth With Handle

Metal Test Magnet

Metal Test Magnet

Metal Test Magnet

Metal Test Magnet

×