Loading price data
Register/Sign in
Scrap Monster
Sell Your Junk CarGet an instant quote for your car on ScrapMonster.com
Access the
Platform
ScrapMonster has become North America's largest scrap trading platform with 105,533 members and the trusted source for scrap prices, news, and information. Join Today!
November 30th 2020

Global Economic, Commodities, Scrap Metal, and Recycling Report Noovember 30, 2020


This is the Global Economic, Commodities, Scrap Metal and Recycling Report, by our BENLEE Roll off Trailer and Lugger Truck, November 30th, 2020.

 

weekly tonnage of raw steel production

U.S. Weekly crude steel production rose to 1.582MT, a multi month high on continued slow economic growth, but the increasing stay at home orders are slowing U.S. growth.

 

Crude Oil

Crude oil price rose to $45.53/b, near a multi month high, up 8% for the week on hopes of a quick vaccine and on the formal start of the Biden administration transfer, but as oil supplies increase.

 

Oil Rig Count

The U.S. weekly Oil rig count jumped to 320, but it is still down 80% from the 2014 high. Low demand and over supply is keeping prices and U.S. and global production low.

 

US Field Production of Crude Oil

U.S. weekly crude oil production, rose to 11M/b/d, above the recent low, as low demand and low prices are keeping production low.

 

Scrap Steel Price

Scrap Steel #1 HMS Export buying price Philly rose to $245/GT near a year to date high, on increased European demand and tight supply.

 

AMM Weekly Heavy Melt

Scrap steel #1 HMS price was steady at $249.33/GT a multi month high as increased U.S. & global demand are creating upward price pressure for December.

 

Hot Roll Coil Steel

Hot roll coil steel rose to $39/cwt, a multiyear high on increased demand and increased scrap and iron ore prices.

 

Copper

Copper price rose to $2.42/lb., a 6 year high on strong Chinese demand. Higher copper price is a great positive economic indicator.

 

Aluminum

Aluminum price rose to 90 cents/lb., a two year high on the same strong Chinese demand.

 

U.S. Dollar Index

The U.S. dollar index vs. other countries currencies fell to 91.8, near a multiyear low, due to the weak U.S. economy. This makes commodities priced in U.S. dollars higher in price, but lowers the cost for non-U.S. countries to buy U.S. goods.

 

U.S. Consumer Sentiment

November’s U.S. consumer sentiment, was revised lower to 76.9, the lowest since August as future expectations declined on COVID’s resurgence. It was the first time in 4 years that Democrats vs. Republicans were more optimistic about the economy.

 

U.S. 3rd Quarter GDP

U.S. 3rd quarter GDP from the previous quarter was reaffirmed that it grew at 33.1% annualized, fastest in history, but this is 33.1% from a much lower base. Sadly, note GDP in 2nd Half 2018 and 2019, was 1.3-2.9%, not the Government forecasted 3 and 4%.

 

U.S. New Home Sales

roll-off-trailers-canadatober’s U.S. new home sales fell slightly to 999,000 annualized, but remained near a 14-year high, fueled by low interest rates and people moving out of cities. This is outstanding news for futures spending, to outfit new homes.

 

U.S. IHS Manufacturing Index

November’s U.S. IHS Manufacturing Index jumped to 56.7, with the strongest expansion in factory activity since September 2014, as new business improved and the rise in manufacturing was the fastest since March 2015.

 

Dow Jones

Wall Street’s Dow Jones Industrial average rose 647 points to 29,910, near the record high, as the broader S&P 500 closed at a record high on great vaccine news and hopes of more Federal Reserve pumping Up of the economy.

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

×