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This is the Global Economic, Commodities, Scrap Metal and Recycling Report, by our BENLEE Roll off Trailers and Lugger Trucks, October 25th, 2021. This is Brian Sides reporting while Greg Brown remains out of the United States. Greg is due back later this week.
U.S. Weekly crude steel production rose to 1.882MT, an 85.2% steel mill utilization rate. Importantly, this was on good demand and constrained supply.
WTI Crude oil price rose to $83.76/b., a 7 year high on good demand. Also, as OPEC and U.S. drillers remain holding down production, to get higher prices.
The U.S. Weekly Oil rig fell slightly to 443, but is trending up. The slow increase is bringing higher oil company profits, but higher global inflation. The U.S. continues helping other economies like Russia in that weekly, we import Russian oil into the U.S.
Scrap steel #1 HMS price was steady at $416.67/GT. This was on good demand and good supply. Importantly, there is upward price pressure for November.
Hot Roll Coil Steel Price fell to $95.39/cwt. which is $1,908/T on steady demand and tight supply.
Copper price fell to $4.50/lb., despite low inventories. Moreover, the London Metal Exchange, LME, acted to reduce price copper swings.
Aluminum price fell to $1.28/lb., $2,821/mt, a three-week low. This was due to supply concerns eased, as coal to create electricity had its price decline.
China’s 3rd quarter economic growth fell to 4.9%, which was slow by Chinese standards. Importantly, power supply shortages and supply chain problems are hurting their economy.
U.S. September industrial production fell 1.3%, which was below expectations. This was mostly caused by disruptions from hurricane Ida and motor vehicle production cuts.
U.S. September housing starts fell to 1.55M annualized, the lowest in 5 months. Importantly, this was caused by high material costs, as well as supply chain and labor problems.
U.S. weekly initial unemployment claims fell to 290,000 the lowest since March 2020. Moreover, a record 4.3M people quit jobs in August. Also, 10.4 million open jobs remain and there are 5 million less people working today than February 2020.
Wall Street’s Dow Jones industrial average, rose to 35,667 a new record high. Importantly, this was on solid earnings by many high-profile companies.
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