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This is the Global Economic, Scrap Metal, Commodities and Recycling Report, by BENLEE Roll off Trailers and Open Top Trailers, May 28th 2019.
U.S. steel production fell to 1.9 Million tons on a slow growth economy and now limited tariff protection. With many U.S. steel tariffs lifted against other countries, U.S. steel prices and volumes are under downward pressure.
Oil fell $4 a barrel to $58.63 on slowing global growth and despite cuts in Iranian and Venezuelan oil. A bad sign for global growth.
U.S. oil production rose to 12.2 M barrels per day, near the record. Great for U.S. jobs, but the U.S. and the world still need and use massive amounts of Middle Eastern oil.
Iron ore rose to a 5 year high of $106/Ton, with China steel production up a huge 10% in the first 4 months of 2019 and on concerns about iron ore supply problems.
Scrap steel #1 was steady at $263.33 near an 18-month low. Higher exports are bringing some higher prices.
Hot roll coil steel fell about $1.40 to $29.56, a 19-month low on slow growth markets and with Canadian and Mexican steel tariffs lifted.
Copper fell 3.5 cents to $2.70 on slow global growth concerns, including weak U.S. and European economic data.
Aluminum fell about a penny to 79 cents, a multiyear low on again, global slowing data.
The U.S. 10 Year Government note, fell to 2.32%, a 19-month low, as investors signaled, they believe the economy is weakening. Investors pull money out of the stock market and buy bonds, which drives down interest rates. Investors are nervous.
May’s Eurozone Manufacturing Purchasing Manager’s Index fell to 47.7. Under 50 means contraction, so this is bad news. Exports and orders dropped and forward-looking confidence remained weak. The U.S. trade war with China is slowing Europe’s exports to China.
May’s U.S. Manufacturing Purchasing Manager’s index dropped to 50.6. Over 50 means growth, but this was the slowest growth in about 10 years, as rates of expansion of output & employment slowed, while new orders fell for the first time since Sept 2009.
April’s U.S. new single-family home sales fell 6.9% heavily due to an 8.8% increase in prices, after three months of growth. Tariffs on many items are raising housing prices.
U.S. jobless claims fell to near a 50-year low. Great, great news as more and more people find jobs and less are being laid off.
Wall Street’s Dow Jones Average fell 167 points to 25,586 the first time in 3 years that the Dow has dropped 5 weeks in a row. This is mostly due to the growing U.S. trade war with China that is slowing the entire global economy.
Open Top Trailers, also known as scrap haulers are a growing part of BENLEE’s product line. 48’ and 53’ remain the most popular. Truly great for carrying light iron, Shreddable or moving large amounts of material from demolition sites. Give us a call for price and availability.
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