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This is the Global Economic, Scrap Metal, Commodities and Recycling Report, by BENLEE Roll off Trailers and Lugger Trucks, May 20th 2019.
U.S. steel production rose to 1.927 Million tons on a slow growth economy and tariff protection, some of which is now ending.
Oil rose about $1 to $62.63 on slowing global growth and a balancing of supply and demand with OPEC and the U.S.
U.S. oil production fell slightly to 12.1 M barrels per day, remaining near the all-time record from three weeks ago. Great news, but yes, we still import major amounts of Oil from OPEC countries.
Iron ore rose to a 5 year high of $103/Ton, with Vale, one of the largest miners in the world, warning of a possible dam collapse that could hurt supply.
Scrap steel #1 settled down at $263.33 on good supply and weak exports. With some tariffs now going away, exports will rise, while some domestic demand will weaken.
Hot roll coil fell to $30.95 on lowering demand and as some tariffs start coming off products.
Copper fell 4.5 cents to $2.73.5 on slow global growth, automotive sales contraction and continued trade friction.
Aluminum fell about a penny to 81.26 cents, remaining near a multiyear low on a lot of trade news and global slowing.
For those that missed last week’s report, Cardboard, South East scrap price fell to $40/ton, a 10-year low, on China and U.S. weak demand, combined with a very good supply.
Trade news this week was China trade talks stalled, the U.S. Blacklisted a major Chinese’s telecommunications hardware company, 25% Car Tariffs against Europe were delayed 6 months, U.S. Tariffs on Turkey steel were reduced from 50% to 25% and the U.S. eliminated the 25% steel and 10% on aluminum tariffs against Canada and Mexico. Tariffs costs are now estimated to be costing between $500-$700 per family, per year and rising.
China’s April Industrial production growth increased by 5.4% year on year on slower automotive, mining and textile sectors. U.S. Tariffs have damaged their economy.
April’s retail sales fell .2% after a very strong March increase. Sales of vehicles, building supplies and appliances fell while gasoline sales increased due to higher prices. Retail sales are key U.S. economic driver.
April’s U.S. industrial production fell the most in 11 months as production of machinery, automobiles, textiles and paper all fell, along with utility production, while mining, including oil drilling, natural gas and coal rose.
April Housing starts, a key economic driver rose, but remain near the levels of the 1960s and less than half the peak of the 1970s. High prices and a stressed middle class remain a problem.
U.S. Consumer Sentiment rose to the highest level in 15 years as consumers felt good about today’s economic conditions and feel even better about future expectations.
Wall Street’s Dow Jones Average fell 189 points to 25,753, the first time in 3 years that the dow has dropped 4 weeks in a row due, mostly due to the trade skirmish that is slowing the global economy.
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