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This is the Global Economic, Scrap Metal, Commodities and Recycling Report, by BENLEE Roll off Trailers and Lugger Trucks, May 6th 2019.
U.S. steel production fell to 1.895 Million tons. Slow Q1 demand and high prices are hurting volumes.
Oil fell $1.36/barrel to $61.94 on OPEC production increases to make up for the Iranian oil ban that the U.S. has demanded.
U.S. oil production rose to 12.3 M barrels per day, a new all-time record. Outstanding economic news.
Iron ore rose to $96.50 on slow global growth and Chinese stimulus. More good economic news.
Scrap steel #1 fell to $270/GT on very good supply, weak exports and good scrap imports to the U.S. Also, good manufacturing levels are producing more scrap, driving down prices.
Hot roll coil steel fell to $31.76 on softening automotive and construction markets, but stabilization could be coming.
Copper fell seven cents to $2.82, on fears of continued global slowing, especially in China. Of note, Tesla said they are concerned about a global copper shortage.
Aluminum fell 2.4 cents to 80.5, a 2 plus year low on slowing demand and major China exports. A serious issue for aluminum producers. Great for consumers like Ford.
Yesterday, President Trump announced due slow U.S./China trade discussions, this Friday the U.S.’s 10% tariffs on $200B of imports will go 25% and a 25% tariff on an additional $325B of goods will go into effect shortly.
China’s April Manufacturing Caxin Index slowed to near contraction. Tariffs from the U.S. remain hurting China, but business confidence rose. A major U.S. shoe company reported that due to tariffs they are moving to Vietnam, from China.
The Euro area, a market larger than the U.S. had their 1st Quarter economic growth hit .4% vs. Q4 of 2018, which was 1.2% over the first quarter of 2018. Good news for global economics.
April’s, U.S. Manufacturing growth fell to a 2 ½ year low as the increase in new orders, production and employment all fell. Exports actually contracted, while inventories increased. Still growth, but slower.
April’s U.S. non-farm payrolls increased a terrific 263,000 with major increases in professional and business services and construction. Great news, but there is not yet enough income from new workers to stop the increase in the U.S. Federal Debt, now at $181,403 of debt for every Taxpayer.
New jobs led to April’s unemployment level to hit 3.6% near a 50 year low. Great, great news.
Wall Street’s Dow Jones Average fell to 26,505. Unless there has been a change this morning, all markets are falling due to the trade talk problems.
Very Importantly Safety remains #1 to all we do. We recently developed two key new features, now standard on all BENLEE Roll off Trailers. A major Look up Electrocution warning sign and a sensor and strobe to warn of driving with a hoist in an up positon. Both are very inexpensive. Please order them today to retrofit to all older units if not already done.
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