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This is the Global Economic, Commodities, Scrap Metal and Recycling Report, by our BENLEE Roll off Trailers and Lugger Trucks, November 1st, 2021.
U.S. Weekly crude steel production fell to 1.87MT, an 84.7% steel mill utilization rate. This was on good and growing demand in most of the economy.
WTI Crude oil price fell to $83.57/b, off last Monday’s 7 year high. Importantly this was on good demand, but OPEC and U.S. suppliers remain limiting production to keep oil prices high.
The U.S. Weekly Oil rig count rose to 444, 72.4% off 2014’s high. Moreover, this was on a slow trend up, so higher prices remain.
Scrap steel #1 HMS price was steady at $416.67/GT. Importantly, it is forecast to rise $20/GT or much more this week.
Hot Roll Coil Steel Price rose to $95.58/cwt, $1,917/T, remaining high on good demand and tight supply. But tariffs were mostly removed this week from European steel, which should lower prices.
Copper price fell to $4.37/lb., the lowest in two weeks. Importantly this was on good demand, but growing inventories.
Aluminum price fell to $1.24/lb., $2,733/mt an 8-week low. Moreover, this was due to coal prices, eased. Note coal is used for electrical generation and major amounts of electricity are used to make aluminum.
China’s October NBS manufacturing purchasing manager’s index. It fell to 49.2, with under 50 meaning contraction. Importantly; new orders and exports were down as power shortages remain.
U.S. September pending home sales. They fell 8% vs. last year, the 4th monthly decrease. Importantly, this was due to higher prices and higher interest rates.
U.S. September New Orders for durable goods. They fell .4% vs. August, the first decline in 5 months. Moreover, this was on supply disruptions with nondefense capital goods down the most.
U.S. 3rd quarter GDP, which is economic growth. It fell to 2%, caused by labor shortages, less government stimulus and supply constraints.
U.S. weekly initial unemployment claims, fell to a 281,000, a 19-month low. Importantly, this was on strong demand for labor, with near record job openings.
Wall Street’s Dow Jones industrial average, rose 153 points to 35,820 a new record high. Importantly, this was on strong earnings especially by oil companies, while Apple and Amazon missed earnings forecasts.
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