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This is the Global Economic, Scrap Metal, Commodities and Recycling Report, by BENLEE Roll off Trailers and Lugger Trucks April 1st 2019.
U.S. steel production rose slightly to 1.934 Million tons, near the multi-year high. Tariffs and slow economic growth are supporting volumes.
Oil rose $1.17 per barrel to $60.21 per barrel as OPEC and especially Venezuela and Iran reduced output. Higher prices bring increased inflation.
U.S. weekly oil production remained at the record high 12.1M barrels a day. Continued great news for the U.S. economy.
Iron ore fell slightly to $86.50/ton, as global markets remain in a slow growth mode.
Scrap steel #1 was no change at $318/GT on steady demand and good supply. Many steel mills canceled open orders last Friday, signaling probable, but not definite lower April prices.
Hot roll coil steel fell slightly to $34.45 on good supply and continued weakening demand in Automotive and construction.
Copper rose 8 cents to $2.93 on positive China trade news and as China works to increase economic growth. Copper prices are a total economic growth indicator.
Aluminum was up 1.7 cents to 86.3 cents, on slow growth and good demand in aerospace markets.
January’s Euro area (which is larger than the U.S.), had industrial production fall 1.1% from January a year ago, which was better than the December’s 4.2% drop, the steepest drop in 9 years.
February’s U.S. Housing Starts fell a big 8.7% from January, the largest decline since June. Single family homes, dropped a huge 17 percent, as higher interest rates and weather hurt starts.
The new estimate of U.S. growth was 2.2% for Q4 2018 and 2.9% for the year. 2019’s estimates now range from 2.1 to 3.2%.
The weekly U.S. 30 Year Mortgage rate fell the most in 10 years ending at 4.06. The drop is due to the slowing economy, but now makes homes more affordable, which will help the economy.
March’s U.S. Consumer sentiment was revised higher as households with incomes in the bottom two thirds of income felt better about lower inflation, rising incomes and economic growth.
February’s U.S. Government deficit at $234 Billion was the highest ever for a February. Paying interest on the debt is crowding out other needs and hurting economic growth, especially as we pay much of this interest to China, Japan and Europe.
February Federal spending was $98 Billion Medicare/Medicaid, $87 Billion Social security, $57 Billion National Defense, $25 Billion on just interest on the debt, again just interest, $16 Billion Veteran’s Benefits, $11 Education, $8 Transportation, $13 all other. As debt levels increase, the more borrowing, brings higher interest rates for all of us and brings a slower economy.
China’s March manufacturing Index rose from a 3-year low, the first increase since December as output, new orders and buying activity rose. Great global economic news.
Wall Street’s Dow Jones Average rose 427 points to 25,929 on positive China trade talks. The S&P broader index had best first quarter in 19 years. A great economic indicator.
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