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This is the Global Economic, Scrap Metal, Commodities and Recycling Report, by BENLEE Roll off Trailers and Open Top Scrap Trailers, June 10th 2019.
U.S. steel production fell to 1.890 Million tons, a multi-month low, on less tariffs protection and slowing U.S. demand.
Oil rose to $53.99, remaining near a multi month low on global slowing.
U.S. oil production rose to 12.4 M barrels per day, a new record. Great for U.S. jobs and creating wealth.
Iron ore fell to $99/Ton, off recent highs as global manufacturing continues to slow.
Scrap steel #1 HMS fell about $25 to about $236/GT, a Multi-Year low on slowing demand.
Hot roll coil steel fell to $28.38, a Multiyear low on pressure from imports and a slowing economy.
Copper was steady at $2.62, near 2-year lows on global slowing, especially in China and the U.S.
Aluminum fell to 78.9 cents, a multiyear low, as automotive and construction industries continue to slow.
Tariff news. Tariffs on Mexican goods of 5% escalating to 25% are off for now. Trump is set to meet China’s Prime Minister in a few weeks to discuss trade. U.S. stated ready to hit China with yet more Tariffs if no deal. China will be naming unreliable U.S. companies, meaning China will reduce business with these companies. The trade war continues to damage the global economy, including less Chinese tourist spending in the U.S.
May’s U.S. new jobs were a low 75,000. The economy remains good, but it is slowing. Job creation averaged 223,000 a month in 2018 and a greatly reduced 164,000 in 2019.
U.S. Manufacturing job growth continues to decline as the economy slows in the trade war and the U.S. tax cut effect is not accelerating growth as forecasted.
May’s overall U.S. unemployment rate remained at a low 3.6% which is good news as it levels out at a 49 year low.
April’s U.S. trade deficit improved, but it was due to a major drop in U.S. Exports, due to less exports of Boeing jets and less U.S. made Mercedes and BMW’s going to China, while U.S demand slowed meaning we imported less cars from Canada and Mexico.
U.S. 30-year mortgages are at about a 14-month low, as more people get worried about the economy and buy U.S. Treasury Bonds, which brings down Interest rates. Time to refinance your home, which give consumers more money, which helps the economy.
May’s U.S. Automotive sales were up to a rate of 17.3 million annually, helped by cutting prices to increase sales, after a year of trending down. Related, as just discussed, and in a twist of fate, manufacturing of vehicles in the U.S. by Mercedes and BMW is being hurt, by China’s heavy tariffs on U.S. goods, which include these U.S. made vehicles.
Wall Street’s Dow Jones rose to 25,984 on the low jobs report, increasing the odds of lower interest rates in the coming months, which will help profits.
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