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This is the Global Economic, Scrap Metal, Commodities and Recycling Report, by BENLEE Roll off Trailers and Gondola Trailers, September 16th 2019.
U.S. steel production fell to 1.835 Million tons, a 13-month low as the Trade war slows U.S. Industrial production.
Oil fell to $54.85 a barrel, despite OPEC cuts, but rose sharply this morning to $59.36 on Saturday’s attack on Saudi Arabia’s production operations.
U.S. oil production was steady at 12.4M barrels a day, near the recent record; truly great for U.S. jobs and helps our balance of trade.
Iron ore rose to $94/Ton, on a close balance of supply and demand, as demand continues to slow in many markets.
Scrap steel #1 HMS remained steady at about $208/GT. As global and U.S. demand slows, October could bring steady to down prices.
Hot roll coil steel fell to $27.68/Hundred on continued slowing demand in Automotive and other markets.
Copper rose to $2.70, above the recent multiyear low on positive China/U.S. trade talks, but is down this morning to $2.67.
Aluminum rose to 80.6 cents, like copper on the same positive China/U.S. trade talks and also down this morning.
For those that missed last week’s report, cardboard scrap OCC SE was steady at the decade low $35/Ton mostly on weak Chinese demand.
China’s August Production rose 4.4% from last year, down from July’s 4.8. 4.4% was the smallest gain since February 2002 as the trade dispute continues, with major drops in production and mining, while ferrous metals and machinery growth rose.
China’s August Vehicle sales fell 6.9%, the 14th consecutive month of decline. The trade war is clearly hurting their economy.
The U.S. federal budget deficit was the highest in 7 years hitting $1Trillion at 11 months into the budget year, with the National debt now at $22.6 Trillion and growing fast. Expenses were $137 Billion Medicare/Health, $64 Billion National Defense, $45 Billion Social Security, $35 Billion Interest on Debt, Repeat, $35 Billion Interest on Debt, $25 Billion VA, $10 Billion Transportation, $27 Billion All Other. The growing deficit is far from the clear campaign commitment in 2016, to pay off the $19 Trillion Debt in 8 years. Importantly, higher debt brings higher interest rates for all.
August’s U.S. Inflation fell to a low 1.7% as many items rose, but energy fell hard. Core inflation, which excludes food and energy rose a much larger 2.4%.
August’s U.S. Small Business Optimism fell 1.6 points as few owners expect better business conditions and real sales volumes in the coming months, but job creation accelerated, positive earnings trends improved and quarter on quarter gains remained strong. Impediment to more growth is a record level of no qualified workers.
September’s U.S. Consumer sentiment rose, but is the third lowest since the last Presidential election, with consumers more concerned about the effect of tariffs on the economy as well as concerned about higher inflation and unemployment.
Wall Street’s Dow Jones Average rose to 27,220, near the all-time record high on positive trade talks with the China. High prices support economic growth.
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