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Global Economic, Scrap Metal, Commodities and Recycling Report August 26, 2019

This is the Global Economic, Scrap Metal, Commodities and Recycling Report, by BENLEE Roll off Trailers and Gondola Trailers, August 26th 2019.

 

weekly tonnage of raw steel production

U.S. steel production fell to 1.857 Million tons, near a 12-month low, as demand slows, despite strong consumer spending. Tariffs are hurting U.S. made vehicle exports to China.

 

Crude Oil

Oil fell to $53.25 a barrel, on global slowing and great pumping by the U.S. bringing great supply.

 

US Field Production of Crude Oil

U.S. oil production was no change at 12.3M barrels per day matching the all-time record, as U.S. drillers continue to get costs down.

 

Iron Ore

Iron ore continued its major fall to $87/Ton, on continued Global manufacturing slowing.

 

AMM Weekly Heavy Melt

Scrap steel #1 HMS remained at $248.33, with downward price pressure, on slowing global demand and on falling iron ore prices.

 

Hot Roll Coil Steel

Hot roll coil steel fell to $29/Hundred on continued slowing demand growth and weak iron ore prices.

 

Copper

Copper fell to $2.53, a new multi-year low on the slowing global economy.

 

Aluminum

Aluminum rose slightly to 78.7 cents, near a multiyear low, also due to a slowing global economy.

 

Tariff War

Tariff news. China, retaliated with new tariffs, from U.S. tariffs of a few weeks ago. China’s retaliation is on U.S. items such as vehicles, including U.S. made BMWs and Mercedes and shipped to China. The U.S. then retaliated against China’s retaliation of our retaliation and increased current tariffs from 25 to 30% on some items and from 10% to 15% on others. The U.S. also ordered U.S. companies to immediately start looking for an alternative to China including coming back to the U.S. This was based on the U.S. could declare a National Emergency. The week ended with the U.S. not ordering U.S. companies out of China, yet.

 

Japanese Manufacturing Output

Japan, the third largest economy after the U.S. and China, had August’s Manufacturing index remain in contraction mode for the 4th month, as the U.S./China trade war continues to hurt Japan’s Exports.

 

U.S. Single Family Home Sales

July’s U.S. single family home sales slumped a big 12.8% to 635,000 after a great rise for June. This was the biggest decline in about 6 years and the same level as about 1962, 57 years ago when we had about half as many people living in the U.S. Consumers are spending, but they are nervous.

 

U.S. Manufacturing Output

August’s U.S. Manufacturing index fell into contraction for the first time in 10 years as new orders and exports both fell the most in 10 years. This is very bad news.

 

Dow Jones

Wall Street’s Dow Jones Average fell 649 points to 25,629, now down 1% in past 12 months, on the escalating China trade war hurting global growth and increased Recession fears.

 

15 Year Mortgage

As a follow up from two weeks ago, on a personal level, for those from the U.S., 15-year home mortgage rates are about 3.03% and

 

15 Year Mortgage

30 year are about 3.55%, both near record lows, so look to save a lot of money and consider refinancing your mortgage.

 

Scrap Hauler New Style

BENLEE manufactures and sells the best Open Top Gondola scrap trailer in the market, with the lowest owning and operating cost. They are mostly sold in 48’ and 53’ lengths with 8’ high sides, made from Hardox, thin, high strength steel to carry the most possible weight, which lowers your transportation costs. Call us for a quote.

 

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