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This is the Global Economic, Commodities, Scrap Metal and Recycling Report, by our BENLEE Roll off Trailer and Lugger Truck, July 26th, 2021.
U.S. Weekly crude steel production rose to 1.859MT, an 84.1% steel mill utilization rate, vs. 91%+ in mid-2008. Steel demand is increasing, despite constrained motor vehicle manufacturing.
WTI Crude oil price rose to $72.17/b on good demand and slowly increasing supply.
U.S. weekly crude oil production was steady at 11.4Mb/d. Production is trending up with increasing price and demand.
The U.S. Weekly Oil rig count rose to 387, well below 2014 and pre covid highs. Rigs are slowing rising with increasing oil price and demand.
Scrap steel #1 HMS export buying price Philly, fell to $380/GT on lower demand and good supply.
Scrap steel #1 HMS price remained steady at $461.67/GT the multi-year high. Good, but slowing exports is creating downward price pressure for August.
Hot Roll Coil Steel Price rose to $90.80/cwt, off the new record hit during the week. This is on a tight supply and good demand, with the result being record steel mill profits like Nucor announced last week.
Copper price rose to $4.555/lb. on continued global economic growth.
Aluminum price rose to $1.123/lb., $2,475/mt, near a 10 year high. This was on robust demand and tight supply, despite China releasing government’s aluminum stock reserves.
Eurozone July Manufacturing PMI fell to 62.6, but still near June’s record. This was the lowest since March on worsening supply chains and material shortages.
Canadian May retail sales fell 2.1% from April but were up a big 24.6% year over year. Building materials, clothes and vehicles fell the most.
U.S. interest rate, benchmark 10-year treasury note, at 1.28% remains near 5 month and historic lows. Major COVID increase in cases and deaths concern markets.
U.S. June housing starts jumped 6.3% to an annualized 1.643M the highest in 3 months. There remains good upside, since it is only at the levels of the 1960s despite good demand.
U.S. July IHS Markit manufacturing index rose to 63.1, a record high. New order growth accelerated and production rose faster.
Wall Street’s Dow Jones industrial average rose 374 points to 35,062 a record high. Investors shrugged off COVID concerns and focused on the economic recovery.
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