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Global Economic, Scrap Metal, Commodities and Recycling Report October 21, 2019

This is the Global Economic, Scrap Metal, Commodities and Recycling Report, by BENLEE Roll off Trailers and Open Top Gondola Trailers, October 21st, 2019.

 

weekly tonnage of raw steel production

U.S. steel production rose to 1.821 Million tons, as there was news that the General Motors strike may be over, and the 50% added tariffs on Turkish steel coming to the U.S., were put on hold.

 

Crude Oil

Oil fell to $53.78 a barrel, on global economic slowing and high U.S. production.

 

US Field Production of Crude Oil

U.S. weekly oil production was steady at 12.6M barrels a day, the all-time record. Great for U.S. Jobs and Trade.

 

Iron Ore

Iron ore fell to 85.50/Ton, on continued global manufacturing slowing, especially automotive in China, the U.S. and Europe.

 

AMM Weekly Heavy Melt

Scrap steel #1 HMS fell to $182.67 a multi-year low, on global slowing, especially in Europe and the U.S. Prices should be up in November.

 

Hot Roll Coil Steel

Hot roll coil steel fell to $23.69/Hundred a multiyear low, on continued slowing. The GM Strike maybe over, which will support higher prices.

 

Copper

Copper fell to $2.60, near the multi-year low, as the global economy remains slowing.

 

Aluminum

Aluminum rose to 78.2 cents, remaining near the multiyear low. Prices remain under pressure as Alcoa announced poor earnings and lowered their global demand forecast.

 

China Q3 Growth-GDP

China’s Q3 growth rate (GDP), ending September fell to 6.0%, the lowest in 27+ year low as tariffs have damaged their economy. Note, U.S. Q3 GDP grew at a mere 2.0%, due to tariff damage as well. Importantly, the U.S. 2019 total year Forecast of 2.4%, is missing the 4, 5 and 6% growth that was forecasted by the White House, that the Tax cuts were to bring.

 

China Industrial Production

China’s September’s Industrial production rose 5.8%, the largest gain since June, as manufacturing and mining rose, along with textiles, chemicals, commutation equipment and more. Output of non-metal minerals and ferrous metals eased.

 

U.S. Industrial Production

September’s U.S. Industrial production fell .1 vs. last year and .4% from August, the first decline in year on year activity since November 2016, as manufacturing fell the most since August 2016. The GM strike and slower mining were key factors.

 

U.S. Housing Starts

September’s U.S. housing starts fell 9.4% to an annual adjusted rate of 1.256M, but it was down from August’s great 12 year high. Lower interest rates support higher starts and higher starts are great economic news.

 

Class 8 Truck Sales

September’s U.S. Class 8 Truck Sales, which are the large tractor trailers, hit an all-time record which is truly great, but as a negative, orders are down sharply.

 

Dow Jones

Wall Street’s Dow Jones Average fell to 26,770 still near the recent high, but fell on continued signs of global and U.S. slowing.

 

Bridge-Master-1

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