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This is the Scrap Metal, Commodities, Recycling and Economic Report, by BENLEE Roll off Trailers and more, June 11, 2018. Last week prices were mixed and most economic reports were positive.
U.S steel production fell slightly to a level slightly behind last year, despite U.S. tariffs and a good economy. We would expect to see increases in the coming months.
Oil held somewhat steady ending at $65.88, on little news, after hitting new highs three weeks ago.
U.S. oil production hit an all-time high of 10.8 million barrels per day as higher prices continue to bring higher production.
Iron ore rose $1.50 to $67.00/ton, on a good balance of supply and demand and no major news.
Scrap steel #1 Heavy Melt fell slightly to $338/GT on a balance of supply and demand around the world and a slow growth environment.
Hot dipped galvanized steel held near multi-year highs at $1190/Ton as demand remains good and raw material prices remain high.
Copper rose 10 cents to $3.29/lb. near a multiyear high as all remains good in the economy. Copper remains known as Dr. Copper, the metal with a PhD. It knows when the economy is good, so prices rise. Copper is down about 4 cents this morning to $3.25.
The 5 year chart shows Copper prices near the multi-year high on continued global growth including major increased demand from China.
Copper inventories were little change on news that China imports have been increasing in recent months and a good balance of supply and demand.
Aluminum was little changed at $1.031 as new tariffs are disrupting global supply chains.
Aluminum LME inventories fell slightly, approaching new 8 year lows on solid demand and good supply.
May’s U.S. Vehicle Sales fell to 16.91 Million, a good number, but the lowest in about 10 months. Data is showing younger people today are driving less and cars last longer.
April’s U.S. job openings rose to a new all-time high of 6.7 Million, driven by a surge in vacancies in durable goods manufacturing and information firms, while finance and insurance companies saw declines.
April’s U.S. Trade balance narrowed to $46.2 Billion, the best in 7 months, as exports hit a record high, boosted by sales of industrial materials and soybeans, while overall exports edged down .2 percent.
June’s U.S. IBD/TIPP Optimism index increased to 53.9 percent. It was the strongest reading since March, as the personal financial outlook sub index rose, but the 6 month forward looking outlook about how consumers feel about the economy fell slightly.
China’s May Trade Surplus with the rest of the world narrowed to $24.92 Billion. Imports jumped 26% to a new record, while exports rose a softer 12.6%. Imports of Copper, iron ore and soybeans all rose from the previous month. China's unwrought copper imports rose to a 17-month high of 475,000 Tons, a huge 21.8 % ahead of last year.
May’s U.S. Composite Purchasing Managers Index rose to 56.6, the fastest expansion in the private sector since April 2015, driven by strong growth in Services and Manufacturing. Nothing other than a great report.
Wall Street’s Dow Jones Average rose a big 680 points, despite major trade tensions and before the major disagreement with Canada’s Prime Minister.
Lastly, our congratulations to Dan Wall on the acquisition of Raleigh and Goldsboro Metal Recycling. My personal thanks to all our Associates, Customers and Suppliers for 11 years of business with the last 4 years, being in a very, very difficult environment.
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