January 3, 2022
This is the Global Economic, Commodities, Scrap Metal and Recycling Report, by our BENLEE Roll off Trailers and Lugger Trucks, January 3rd, 2022. We are back after our 1 week off per year.
U.S. weekly crude steel production fell to 1.805MT. This was on fair demand, imports, and good supply.
WTI crude oil price rose to $75.21/b on the global recovery and supply side controls by OPEC & U.S. companies. High prices made oil companies the #1 growth sector on Wall Street in 2021.
U.S. weekly oil production rose to 11.8Mb/d, still 1.3M off pre COVID. Controlled, tight supply has been terrific for record oil profits. Low production is bringing higher prices which are a key part of our 40-year high inflation.
The U.S. weekly oil rig count was up to 480, a slight trend up. Low rigs brings the higher prices and inflation, but record oil profits as just discussed.
Scrap steel #1 HMS price was steady at $465/GT. Prices are set to fall this week on particularly good supply.
Hot roll coil steel price fell to $77.67/cwt which is $1,553/T. This was on lower demand, good supply, and imports.
Copper price rose to $4.46/lb., up 25% in 2021.This was on good Chinese demand and supply disruptions.
Aluminum price rose to $1.28/lb., $2,821/mt up nearly 40% in 2021. This was on supply constraints due to lower production.
China’s December NBS Manufacturing index rose to 50.3, with modest growth, but uncertainties remain. China’s government is ready to increase stimulus with lower interest rates and increased spending.
U.S. 3rd Q GDP economic growth. The economy grew at 2.3%, higher than the 2.1% forecast. Personal spending was strong as exports were down. 2021 total growth forecast is 5%+.
U of M December preliminary consumer sentiment index. It rose to 70.6, as the gauge of future expectations increased. But, the index of current conditions fell.
U.S. November new home sales jumped 12.4% vs. October. That was the fastest rise in 7 months. This was on solid demand, low interest rates, but higher prices.
New orders for November for U.S. manufactured goods. They rose 2.5% over October. This was as nondefense aircraft and manufactured metal products rose the most.
Wall Street’s Dow Jones Industrial Average. It rose to 36,338 and hit a record high during the week. High inflation remains a concern, but many companies had record profits in 2021 and 2022 could beat 2021.
Roll off truck and roll off trailer parts store at BENLEE. Buy online 24/7 at our parts web store. We stock parts for Galbreath, Galfab, Dragon, American, Palfinger and more. Rollers, pulleys, pins, tarps, cables, tarp arms and more. All parts are same day shipment.
As always, feel free to call or email me with any questions and we hope all have a safe and profitable week.