October 12, 2020
This is the Global Economic, Commodities, Scrap Metal and Recycling Report, by our BENLEE Roll off Trailer and Open Top Trailer, October 12th, 2020.
U.S. Weekly crude steel production rose to 1.484MT, the highest in about 6 months as slow economic growth continues.
Crude Oil price rose to $40.60/b. Oil prices are still low, due to low demand and despite major OPEC/U.S. cuts in production.
The U.S. weekly Oil rig count rose to 193, the highest in months, but still down 88% from the 2014 high. The slow economy is still hurting demand.
U.S. weekly oil production rose to 11m/b/d, a multi month high, but it remains depressed due to low demand.
Scrap Steel #1 HMS Export buying price Philly, was steady at $225/GT as export buying prices weakened and on good supply.
Scrap steel #1 HMS price was mostly steady at $244.87/GT as slow economic growth continues.
Hot Roll Coil steel rose to $32/cwt, a 17-month high on a slight increase in demand, along with tight supplies and long lead times.
Copper Price rose to $3.08/lb. on the President’s positive health news and on hopes of added federal stimulus funds.
Aluminum price rose to 81.8 cents per pound as the U.S. announced $1.96B of tariffs for Aluminum sheet, on multiple countries for dumping.
Cardboard scrap OCC, SE was steady at $70/T as some supply disruptions remain and on a good balance of supply and demand.
September’s Canadian Business confidence fell to 54.3, a major drop, due to a major surge in COVID, especially in Quebec.
September’s U.S. coal mining jobs fell to 44,500, near an about 100 Year low. Clean coal, high wage jobs remain elusive. There were about 178,000 coal mining jobs in 1985.
September’s U.S. Labor Force Participation rate which is people 16 years of age or older, that are employed for actively looking for work, fell to 61.4%, so 38.6% are out of the workforce. Millions of people have stopped even looking for jobs. This is a major upside. We must get them jobs.
The U.S. 30 Year mortgage rate fell to 2.88%, near the all-time low. If not done in recent years, time to refinance your home mortgage.
U.S. Weekly Initial Unemployment Claims fell to 840,000, but it is the 6th week above 800K, which points to a slowdown in job recovery. Under 300,000 per week is key to good growth.
Wall Street’s Dow Jones Industrial Average rose 984 points, the best week since August as the president said he would like a stimulus plan larger than either the Democrats or Republicans have proposed.
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As always, feel free to call, or email me with any questions and we hope all have a safe and profitable week.