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March 23rd 2022

Global Economic, Commodities, Scrap Metal and Recycling Report March 21, 2022


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.

weekly tonnage of raw steel production

U.S. weekly crude steel production fell to 1.737MT. This was on slow U.S. growth and cheaper imports taking market share.

Crude Oil

WTI crude oil price fell to $104.70/b, well off the recent high of $130.50. Major supply concerns remain with Russian sanctions.

US Field Production of Crude Oil

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.

Oil Rig Count

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.

AMM Weekly Heavy Melt

Scrap steel #1 HMS price was steady at $531.67/GT. Upward price pressure continues on the pig iron supply disruption.

Hot Roll Coil

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

Copper price rose to $4.72/lb. on supply concerns about production in Peru and Chile.

Aluminum

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

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

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

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

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

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.

Dow Jones

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.

Bridgemaster

Lower your roll off transportation costs. Carry about 6,000 lbs. more on every load. Buy the BENLEE Bridge Master roll off trailer. Legally carry about 26 tons on every run.

Metal Test Magnet With Handle 18 lb N52 Grade Neodymium Rare Earth

Metal Test Magnet With Handle 18 lb N52 Grade Neodymium Rare Earth

Industrial Test Magnet 30 lb N52 Grade Neodymium Rare Earth With Handle

Industrial Test Magnet 30 lb N52 Grade Neodymium Rare Earth With Handle

Metal Test Magnet

Metal Test Magnet

Metal Test Magnet

Metal Test Magnet

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