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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, March 14th, 2022.
U.S. weekly crude steel production rose to 1.762MT. This was on slow economic growth and cheaper imports took market share.
WTI crude oil price fell to $109.33/b, down 5.7% for the week. OPEC may increase production and there are Iran and Venezuela discussions to increase their exports. High oil prices are bad for U.S. consumers, but great for U.S. oil company’s investors.
U.S. weekly crude oil production, remained steady at 11.6Mb/d, still down 1.5M from pre COVID. Oil companies ready to slightly increase production, but low production brings higher prices to reward shareholders.
The U.S. weekly oil rig count rose to 527, as high prices are slowly bringing on more rigs.
Scrap steel #1 HMS price settled to $531.67/GT. This was on strong demand, caused by a massive supply disruption of pig iron from Russia and Ukraine.
Hot roll coil steel price rose to $59.02/cwt, $1,180/T, with higher input costs across the board.
Copper price fell to $4.61/lb., as demand remains robust, and inventories and production remain low.
Aluminum price fell to $1.67/lb., $3,681/mt. This was as demand remains robust, and Russian export disruptions are worsening.
Euro Area 4th Q 2021 GDP. Reminder the Euro area’s economy is about the size of the U.S.’s economy. It expanded at a strong 4.6% vs. last year.
U.S. March U of M consumer sentiment index. It fell to 59.7, the lowest since November 2011. This was as inflation expectations rose and gasoline prices hit a record high.
U.S. February annual inflation, rose to 7.9%, the highest since January 1982 and could get worse. Gasoline surged 40% in January alone and food was up 7.9% vs last year. Ukraine and Russia were major wheat, nickel, and pig iron exporters, which has now stopped.
U.S. January trade deficit. It widened, became worse to hit $89.7B, a new record. High energy costs pushed imports to a record high. Imports of oil, passenger cars, copper, and food, all increased.
U.S. January job openings fell slightly to 11.26M, near the record. Food services declined, but other services and manufacturing increased.
Wall Street’s Dow Jones Industrial Average. It fell 671 points to 32,944 the fifth consecutive weekly loss. This was as the U.S. banned Russian oil and others are not buying it, raised oil prices. Also, inflation, Russian trade restrictions and lower consumer sentiment all hurt the markets.
Gondola trailers are for sale by BENLEE. 48’ long, 8’ high walls and walls and floors of Hardox are now back in stock, after months of steel shortages.
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