This is the Global Economic, Commodities, Scrap Metal and Recycling Report, by our BENLEE Roll off Trailers and Gondola Trailers, Scrap Haulers, March 21st, 2022.
U.S. weekly crude steel production fell to 1.737MT. This was on slow U.S. growth and cheaper imports taking market share.
WTI crude oil price fell to $104.70/b, well off the recent high of $130.50. Major supply concerns remain with Russian sanctions.
U.S. weekly crude oil production, remained steady for the 8th week in a row at 11.6Mb/d. Oil companies are in no rush to increase supply. U.S. companies are concerned higher supply will bring lower prices.
The U.S. weekly oil rig count fell to 524, down 67% from 2014’s high. Oil companies are in a sweet spot. Current low production brings high prices, record profits and terrific stock prices on Wall Street.
Scrap steel #1 HMS price was steady at $531.67/GT. Upward price pressure continues on the pig iron supply disruption.
Hot roll coil steel price rose to $68.02/cwt, $1,360/T. This was on higher raw material costs and rising import coil prices.
Copper price rose to $4.72/lb. on supply concerns about production in Peru and Chile.
Aluminum price fell to $1.63/lb., $3,593/mt., remaining near the record. This was on Russian supply concerns, good demand, and low inventories.
China February industrial production rose 7.5% over last year. That matched the fastest pace since June 2021. Chemicals, Auto’s. Communications Equipment rose the most.
U.S. Federal Reserve interest rates. They rose .25% to .25% to .5%, still incredibly low with an expected 6 more increases in 2022. This is due, too much spending and not enough supply. This is sad, but an accepted way to curb inflation. Make it more expense to borrow, so we buy less.
U.S. February retail sales rose a huge 17.6% vs. last year. This was on inflation, increased incomes, and left-over government stimulus money.
U.S. February industrial production rose 7.5% vs. last year. Manufacturing and mining increased the most and utilities contracted.
U.S. February housing building permits. They fell to 1.859M annualized, but near last month’s 16 year high. Interest rates and construction costs are rising, but consumers are strong.
Wall Street’s Dow Jones Industrial average rose 1,811 points to 34,755 the best week since November 2020. Investors are confident on the U.S. recovery but concerned about interest rates and Ukraine.
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