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Scrap Metal, Recycling, Global Economic and Commodities Report

October 25, 2021

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.

weekly tonnage of raw steel production

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.

Crude Oil

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.

Oil Rig Count

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.

AMM Weekly Heavy Melt

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

Hot Roll Coil Steel Price fell to $95.39/cwt. which is $1,908/T on steady demand and tight supply.

Copper

Copper price fell to $4.50/lb., despite low inventories. Moreover, the London Metal Exchange, LME, acted to reduce price copper swings.

Aluminum

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 Q Economic Growth

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

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

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

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.

Dow Jones

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.

Two Container Trailer

Two container roll off trailers by BENLEE. Now clearly the safest, easiest to use and highest uptime trailer in the industry. Also upgraded components make it the lowest owning and operating cost roll off trailer in the industry.

As always, feel free to call Greg, or email him with any questions and we hope all have a safe and profitable week.

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