Global Economic, Commodities, Scrap Metal, and Recycling Report January 25, 2021

This is the Global Economic, Commodities, Scrap Metal and Recycling Report, by our BENLEE Roll off Trailer and Gondola Trailer, January 25th, 2021.

U.S. Weekly crude steel production rose to 1.738MT on continued U.S. and global growth.

WTI Crude oil price rose to $52.27/b on continued slow economic growth, combined with massive OPEC and U.S. production cuts.

The U.S. weekly Oil rig count rose to 289, but it is down 82% from 2014’s high on the same low prices and getting more oil from each rig.

U.S. weekly crude oil production was steady at 11.0 M/b/d and remains off February’s 13.1M/b/d record high, on low demand, bring low prices, so low production.

Scrap Steel #1 HMS export buying price Philly, fell to $355/GT and is set to fall more next week, on softening demand and strong supply.

Scrap steel #1 HMS was steady at $413.33/GT, as prices are set to fall in February.

Hot roll coil steel fell to $55.04/cwt as supply ramps up and on iron ore and scrap price decline.

Copper price rose to $3.62/lb., on continued positive economic news.

Aluminum price was steady at $.90/lb., on the same continued positive economic news.

Canada’s November Retail sales increased 7.5% over last year, the 7th consecutive monthly gain, which is solid economic news.

U.S. weekly initial unemployment claims fell to 900,000, but contractors rose to 424,000, so 1.324 million total. New job loses remain significant, which is holding back growth. Claims, which are job losses, were 200-250,000 per week, pre COVID. Now they are 900,000 plus.

The U.S.’s January IHS Manufacturing index jumped to 59.1, a record expansion of factory activity. New export orders were the highest since 2014 and job creation was strong, as inflation was showing in raw materials.

The U.S.’s December Existing home sales increased to 6.76M annualized. Total year 2020 was 5.64M, the best since 2006. Truly great economic news.

Wall Street’s Dow Jones Industrial average rose 183 points to 30,997 as markets are looking ahead to 2nd half 2021 and 2022 growth.

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