This is the Global Economic, Commodities, Scrap Metal and Recycling Report, by our BENLEE Roll off Trailers and Lugger Trucks, December 20th, 2021.
U.S. weekly crude steel production rose to 1.818MT. This was on continued economic growth and imports hurting domestics.
WTI crude oil price fell to $70.86/b., on a lower demand forecast. Also, on the slowing of global economy.
The U.S. weekly oil production was steady at 11.7Mb/d, 1.4M less than 21 months ago. Oil companies remain committed to profitable growth. The are keeping production low to maintain higher prices.
The U.S. weekly oil rig count rose to 475, about 40% less than 21 months ago. Rigs are increasing slowly to maximize cash flow.
Scrap steel #1 HMS price was steady at $465/GT. Price is forecasted to fall in January.
Hot roll coil steel price fell to $70.06/cwt, $1,581/T, on slow demand and good supply.
Copper price was steady at $4.29/lb., off the recent 10 week low. This was on China’s slowdown and U.S. interest rate concerns.
Aluminum price rose to $1.22/lb., on low inventories, improving demand and less aluminum production.
There was a major U.S. Federal Reserve meeting last week. They reconfirmed slowing the printing of money and said interest rate hikes would start in 2022. The high inflation is forecasted lower to 2.6% in 2022. Also, U.S. economic growth is forecasted to be 5% in 2021 and 4% in 2022. Note that two years pre COVID GDP grew at an average of 2.6%.
U.S. November NFIB small business optimism index. It rose to 98.4, from a 7-month low. But, expectations for the next 6 months were down, due to supply chain concerns.
U.S. November industrial production rose 5.3% vs. last year. Manufacturing was the highest since January 2019. Manufacturing increased 4.6% and mining jumped 9.2%.
U.S. December home builders’ index. Rose to eighty-four the highest since February on strong demand and low inventory.
U.S. November Retail Sales surged 18.1% vs. last year. Massive spending is causing supply shortages and inflation.
Wall Street’s Dow Jones industrial average fell 606 points to 35,365, remaining extremely high. Near record stocks and 401Ks is one of the reason it is tough to hire. High 401ks are allowing people to retire early.
Gondola trailers by BENLEE. 48’ or 53’ or custom sizes. All are made of Hardox ™, light, high strength steel. Call us for a quote.