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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 28th, 2022.
U.S. weekly crude steel production rose to 1.742MT. The slow growth economy continues, and imports share remain a factor.
WTI crude oil price rose to $113.90/b, jumping 10.5% for the week. This was on concerns on a major attack on a Saudia Arabia Oil facility and concerns over further Russian oil sanctions.
U.S. weekly crude oil production, remained steady for the 9th week in a row at 11.6Mb/d, 1.5M less than pre COVID. Oil companies committed to controlled production levels. Good demand is bringing high prices and record oil company prices.
The U.S. weekly oil rig count rose to 531 the highest since April 2020. A very slow steady increase helps stabilize markets.
Scrap steel #1 HMS price was steady at $531.67/GT. Upward price pressure for April could bring a price increase of $35/GT or a lot more.
Hot roll coil steel price rose to $71.33/cwt, $1,427/T. This was on good demand and higher raw material prices.
Copper price fell to $4.69/lb. but remains very high. Demand remains good and global production is increasing.
Aluminum price rose to $1.74/lb., $3,835/mt, near the record high. Australia banned shipping alumina to Russia, with Russia being the world’s 3rd largest aluminum producer.
U.S. February pending home sales, fell 5.4% vs last year, the 9th monthly drop. This was on a shortage or homes, higher prices, and higher interest rates.
U.S. March U of M consumer sentiment index. It was revised lower to 59.4, the lowest since August 2011. Inflation was the #1 issue and half of all consumers are concerned about current policies.
U.S. February New orders for U.S. manufactured durable goods. The fell 2.2%, the largest drop since April 2020. Machinery and primary metals dropped the most.
U.S. weekly initial unemployment claims fell to 187,000 the lowest since September 1969; 53 years ago. Demand for workers was strong as employers try to hold onto workers.
U.S. March S&P manufacturing purchasing Manager’s index, increased to 58.5 the highest since September 2020. This was on increased demand and few supply bottlenecks and less COVID restrictions.
Wall Street’s Dow Jones Industrial average rose 1066 points to 34,861 as the U.S. treasury secretary and federal; reserve chairman were positive on the economy. Markets are betting the next interest rate increase will be .5%, not .25%.
Roll off truck parts or sale. Galbreath, Galfab, American, Palfinger and more. Call us at 734-722-8100 or buy online at BENLEE. Rollers, tarps, sheaves, tie downs, pins, cables and more.
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