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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, January 24th, 2022.
U.S. weekly crude steel production rose to 1.833MT. This was on slow U.S. economic growth, while steel imports grow.
WTI crude oil price rose to $85.14/b on growing demand and supply constraints.
U.S. weekly oil production was steady at 11.7Mb/d, down a huge 1.4Mb/d on growing demand. Also, as U.S. drillers maintain supply constraints.
The U.S. weekly oil rig count fell slightly to 491, remaining well off pre COVID. U.S. Drillers keeping production low remains hugely successful for them. It remains bringing higher prices and higher profits.
Scrap steel #1 HMS price was steady at $406.67/GT on good demand and great supply. There is some downward price pressure for February.
Hot roll coil steel price fell to $71.23/cwt, $1,425/T. This was on slight demand growth but increased lower priced imports.
Copper price rose to $4.52/lb., near a 3-month high. Importantly, this was as China cut interest rates to spur demand.
Aluminum price rose to $1.38/lb., $3,041/mt on good demand. Also, on falling production due to high energy costs.
China’s December trade surplus rose to $94.46B a new record high. This is disturbing as the U.S. is near a record deficit, due to decades of poor U.S. socioeconomic policies.
Britain’s December inflation rose to 5.4%, the highest since 1992, a 30 year high. Like the U.S., high energy prices and supply chain problems are driving inflation. Inflation is a global issue.
U.S. 10-Year treasury note. A key interest rate benchmark. It ended the week at 1.75%, down from a 2 year high of 1.9% during the week. Concerns of lower earnings and global tensions are spooking markets. In the big picture, interest rates remain near historic lows.
U.S. December existing home sales fell 4.6% to an annualized 6.18M, mostly due to low inventory. The good news is that this is positive for future building. Note that 2021 sales grew 8.5% to 6.21M, the highest since 2006.
Philadelphia January manufacturing index which is a key manufacturing indicator. It increased to 23.2 from a one year low in December. New orders, employment and optimism about the future were all positive.
Wall Street’s Dow Jones Industrial Average. Fell 1,647 points to 34,265 as markets have had a very bad three weeks. Higher interest rates to slow the economy are hurting markets.
Roll off truck parts and roll off trailer parts are for sale at BENLEE. We stock for same day shipment parts for Galbreath, Galfab, American Roll Off, Palfinger, Dragon and more. Pioneer Tarp parts, Roll Rite tarp parts as well. Buy online at BENLEE’s parts store or call 734-722-8100.
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