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Global Economic, Commodities, Scrap Metal, and Recycling Report

January 25, 2021

This is the Global Economic, Commodities, Scrap Metal and Recycling Report, by our BENLEE Roll off Trailer and Gondola Trailer, January 25th, 2021.

weekly tonnage of raw steel production

U.S. Weekly crude steel production rose to 1.738MT on continued U.S. and global growth.

Crude Oil

WTI Crude oil price rose to $52.27/b on continued slow economic growth, combined with massive OPEC and U.S. production cuts.

Oil Rig Count

The U.S. weekly Oil rig count rose to 289, but it is down 82% from 2014’s high on the same low prices and getting more oil from each rig.

US Field Production of Crude Oil

U.S. weekly crude oil production was steady at 11.0 M/b/d and remains off February’s 13.1M/b/d record high, on low demand, bring low prices, so low production.

Scrap Steel Price

Scrap Steel #1 HMS export buying price Philly, fell to $355/GT and is set to fall more next week, on softening demand and strong supply.

AMM Weekly Heavy Melt

Scrap steel #1 HMS was steady at $413.33/GT, as prices are set to fall in February.

Hot Roll Coil Steel

Hot roll coil steel fell to $55.04/cwt as supply ramps up and on iron ore and scrap price decline.

Copper

Copper price rose to $3.62/lb., on continued positive economic news.

Aluminum

Aluminum price was steady at $.90/lb., on the same continued positive economic news.

Canada’s November Retail Sales

Canada’s November Retail sales increased 7.5% over last year, the 7th consecutive monthly gain, which is solid economic news.

U.S. Weekly Initial Unemployment Claims

U.S. weekly initial unemployment claims fell to 900,000, but contractors rose to 424,000, so 1.324 million total. New job loses remain significant, which is holding back growth. Claims, which are job losses, were 200-250,000 per week, pre COVID. Now they are 900,000 plus.

U.S.’s January IHS Manufacturing Index

The U.S.’s January IHS Manufacturing index jumped to 59.1, a record expansion of factory activity. New export orders were the highest since 2014 and job creation was strong, as inflation was showing in raw materials.

U.S. December Existing Home Sales

The U.S.’s December Existing home sales increased to 6.76M annualized. Total year 2020 was 5.64M, the best since 2006. Truly great economic news.

Dow Jones

Wall Street’s Dow Jones Industrial average rose 183 points to 30,997 as markets are looking ahead to 2nd half 2021 and 2022 growth.

Roll Rite

We are a Roll Rite tarp systems and parts dealer, distributor, so all systems and parts are in stock for same day shipment or pick up, for your roll off truck, roll off trailer, lugger truck, dump truck and more. Order online or call BENLEE. Arms, Motors, tarps and more.

As always, feel free to call, or email me with any questions and we hope all stay safe in these very difficult next 5 months.

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