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This is the Global Economic, Scrap Metal, Commodities and Recycling Report, by BENLEE Roll off Trailers and Open Top Scrap Gondola Trailers, November 18th, 2019.
U.S. steel production fell to 1.862 Million tons, off the multi month high on continued slow economic growth.
Oil rose to $57.94 a barrel, as OPEC is maintaining cuts, while prices remain moderate. Moderate prices are good news for U.S. consumers.
U.S. weekly oil production rose to a new record of 12.8 M barrels a day, continuing the 10 Year trend up. Truly great, great U.S. economic news.
Iron ore rose to $81.50/Ton, near a multi month low on U.S. China Trade Optimism.
Scrap steel #1 HMS rose $202.67 on continued slow global economic growth and increased Turkish demand.
Hot roll coil steel rose to $26.33/Hundred as steel mill prices continue to mostly hold, despite weak demand.
Copper fell to $2.64, off the multi week high as traders look for positive news in the global economy.
Aluminum fell to 79.2 cents, also off the multi week high on the same looking for positive news.
Repeating last week’s chart, Cardboard Scrap OCC in the SE was steady at a decade low on the slow economy and slow demand, partly caused by plastic substitution for cardboard packaging.
The Euro Zone which is the second largest global economy to the U.S., had their Q3 growth reported as steady, but slow at 1.2%. They are truly using not low, but actual negative interest rates, to fight off a recession.
Turkey is not a major global economy, but it is a major consumer of scrap steel from the U.S. Their September Industrial production jumped 3.4% vs. last year, following 12 consecutive months of declines. This is pressuring higher U.S. steel prices.
China’s October Industrial production growth slowed to 4.7%, as manufacturing and mining eased, as ferrous metals and transportation equipment grew slower. Tariffs remain a drag on China, Europe and U.S. economy.
October’s U.S. inflation rose to 1.8%. Lower Energy prices kept inflation down, so excluding food and Energy, inflation was 2.3%, slightly above the U.S. Government Federal Reserve 2.0% target.
U.S. Small Business Optimism rose, as recession talks faded and jobs and capital spending were up. Labor costs increased, but uncertainty remained historically high, pre an election year. Overall solid economic news.
October’s U.S. Retail sales, rose .3 Percent after falling in September. Motor vehicles and gasoline drove increase, while furniture and restaurants fell. Overall positive report.
Wall Street’s Dow Jones Average rose to 28,005 a new record, continuing the 10-year trend up as recession fears from this summer are fading which is very positive. Renewed trade optimism is also in the air.
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