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March 8th 2022

Global Economic, Commodities, Scrap Metal and Recycling Report March 7, 2022


This is the Global Economic, Commodities, Scrap Metal and Recycling Report, by our BENLEE Roll off Trailers and Gondola Trailers, Scrap Haulers, March 7th, 2022.

weekly tonnage of raw steel production

 

U.S. weekly crude steel production fell to 1.755MT on good demand, but growing imports.

 

Crude Oil

 

WTI crude oil price jumped to $115.68/b., on supply disruptions as companies reduce buying Russian oil.

 

US Field Production of Crude Oil

 

U.S. weekly oil production remained steady at 11.6Mb/d., down 1.5Mb/d, from pre COVID. Low supply is bringing high prices. Oil company cash flows are at record levels.

 

U.S. Weekly Imports Of Russian Oil

 

U.S. weekly imports of Russian oil, averaged about .08Mb/d in February. Real, but a very low number. Russian imports were zero for 7 years but restarted in October 2020.

 

Oil Rig Count

 

The U.S. weekly oil rig count fell to 519. High oil prices should bring more rigs online.

 

AMM Weekly Heavy Melt

 

Scrap steel #1 HMS price rose to about $440/GT, with the price still settling. There is good demand, as bad weather hurt supply.

 

Hot Roll Coil

 

Hot roll coil steel price rose to $52.75/cwt, $1,056/T. This was on higher scrap, coal, and other higher energy prices.

 

Copper

 

Copper price jumped to $4.92/lb., a record high on worries of supply disruptions, while demand is high. Chile the largest producer had its lowest January output since 2011.

 

Aluminum

 

Aluminum price jumped to $1.75/lb., $3,857/mt. This was on supply disruptions to and from Russia, which is 6% of global production.

 

U.S. January Goods Trade Deficit

 

U.S. January goods trade deficit. It widened to $107.6 a new record. Capital goods and vehicles led imports., exports of consumer goods and vehicles fell. Total was down 1.8% from December. Decades of poor policy show no signs of reversing.

 

U.S. February New Jobs Report

 

U.S. February new jobs report, added 678,000 new jobs, the most in 11 months. There was widespread growth, led by leisure and hospitality.

 

U.S. February Unemployment Rate

 

U.S. February unemployment rate fell to 3.8% a new pandemic low. The number of unemployed fell 243,000, to 6.27M.

 

U.S. February Labor Force Participation Rate

 

U.S. February labor force participation rate. This is people 16 years old or older, looking for work or are working. It rose slightly to 62.3%, so 37.7% of people 16 years old or older are not working and not even looking for work.

 

U.S. February Markit U.S. Manufacturing PM Index

 

U.S. February Markit U.S. manufucating purchasing manager’s index. It was revised lower to 57.3 but is still very high. There was a stronger upturn in manufacturing, with higher output and new orders.

 

Dow Jones

 

Wall Street’s Dow Jones Industrial Average. It fell 444 points to 33,615 on the very good jobs report, but hot inflation, which may get worse. The U.S. Federal Reserve said they will raise interest rates .25% in March, to slow the economy.

 

BENLEE Parts Store

 

Roll off parts and lugger parts for sale, for trucks and trailers. Galbreath, Galfab, Dragon, American, Palfinger and more. Buy at our online parts store or call 734-722-8100. Rollers, Tarps, Sheaves, Cables, Cylinders, Valves and more.

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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