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This is the Global Economic, Commodities, Scrap Metal and Recycling Report, by our BENLEE Roll off Trailer and Lugger Truck, June 1st, 2021.
U.S. Weekly crude steel production fell to 1.793Mt. The peak production in 2008 was approximately 2.17Mt, so it was 21% higher in 2008. Low current production is bringing record prices and supply shortages.
WTI Crude oil price rose to $63.32/b, near a 2 year high. Solid economic data is putting upward pressure on prices, while more possible Iranian supply is putting downward pressure.
The U.S. Weekly Oil rig count rose to 359, down 77.7% from 2014’s high on growing demand, but relatively low prices.
Scrap steel #1 HMS price was steady at $413.33/GT, but prices could be up $40/GT or considerably more for June.
Hot roll coil steel price rose to $80.45/cwt, off the record hit during the week. Restrained production and growing demand are bringing increases.
Copper price rose to $4.67/lb., but off the $4.84 recent high on strike threats at the world’s largest copper mine. Increases were also on low U.S. unemployment claims and copper demand optimism.
Aluminum price was steady at $1.08/lb., which is $2,382/MT, off the recent 3 year high. This was on strong global demand and on China’s April Imports up 165% YOY.
China’s May NBS manufacturing growth index fell to 51, the lowest since February on intense inflation and supply bottleneck problems.
Euro area May economic sentiment index. Remember the Euro area’s economy is about the size of the U.S. economy. It increased to 114.5, the highest since January 2018 and remains above the long-term average.
U.S. April durable goods orders fell 1.3% vs. March, as supply shortages impacted production. Motor vehicles and communications equipment fell the most.
U.S. April Personal Spending rose .5% from March, after March’s 4.7% increase. Dining out and travel was up, as goods purchases were down.
U.S. May U of M consumer sentiment index fell to 82.9, the lowest in three months on concerns over current and future conditions.
U.S. April sales of new single-family homes fell 5.9% from March to 893,000, but remain high. Soaring prices and low supply hurt sales.
U.S. Initial unemployment claims fell to 406,000, the lowest since March 2020, on a strong jobs market. Washington, Florida and NJ had the least claims.
Wall Street’s Dow Jones Industrial Average rose 322 points to 34,529 on recovery optimism and current massive government spending. Also, low jobless claims and the proposed massive $6T proposed budget helped.
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