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This is the Global Economic, Commodities, Scrap Metal and Recycling Report, by our Roll off Trailers, and Gondola trailers, Scrap Haulers January 17th, 2022.
U.S. weekly crude steel production rose to 1.813MT. This was on slow U.S. economic growth and imports increasing market share.
WTI crude oil price rose to $83.82/b on supply disruptions in Libya and Kazakhstan. Also, on OPEC and U.S. drillers continued slow production increase to maximize prices.
U.S. weekly oil production was fell to 11.7Mb/d down a huge 1.4Mb/d pre COVID. Keeping production low to maximize profits.
The U.S. weekly oil rig count rose to 491, down about 400 rigs pre COVID. The slow trend up is on the same maximizing profitability.
Scrap steel #1 HMS price fell to about $406.67/GT. This was on export lower demand and particularly good supply.
Hot roll coil steel price fell to $74.84/cwt, $1,497/T. This was on a slow increase in demand, but lower priced imports.
Copper price rose to $4.43/lb. near a record high. This was on China boosting its economy. Note China consumes about 50% of Global Copper.
Aluminum price rose to $1.35/b., $2,975/mt on falling inventories caused by lower production due to high power cost.
China’s December trade deficit rose to $94.46b, a new record high. This is disturbing as U.S. is near record trade deficit due to decades of poor social economic policies.
U.S. December Annual Inflation rose to 7% in December, the highest since 1982. Gasoline surged 49.6% as shelter and food rose slower. Supply constraints and Energy increases are driving the increases.
U.S. U of M January Consumer Sentiment fell to 68.8 on COVID concerns, inflation and Government policies.
U.S. December Industrial Production fell .1% from November. Motor vehicles fell the most, as wood products actually increased.
U.S. December Retail Sales rose a huge 16.9% vs. last year, but was 1.9% lower than November. Online & furniture sales were strong but slowing.
Wall Street’s Dow Jones Industrial Average. It fell 320 points to 35,912, remaining extremely high. There were concerns on more aggressive Federal Reserve tightening the fall in U.S. retail sales & the fall in industrial production.
Gondola scrap metal open top trailers by BENLEE, 48’ & 53’ are the most popular with wall, doors & floors all made with Hardox™ steel. They come with all the upgrades as standard as you would expect from BENLEE trailer. Call us for a quote!
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