Noovember 16, 2020
This is the Global Economic, Commodities, Scrap Metal and Recycling Report, by our BENLEE Roll off Trailer and Gondola Trailer, November 16th, 2020.
U.S. Weekly crude steel production rose to 1.573M Tons as U.S. and Global slow growth continues.
Crude oil price rose to $40.13/b, near a 7 month high on great COVID vaccine news, offset by new COVID restrictions in Europe and the U.S.
The U.S. weekly Oil rig count rose to 236 a multi month high, but still down 85.3% from the 2014 high, as U.S. and global demand is rising, but is still depressed.
U.S. weekly crude oil production, was steady at 10.5M/b/d, near a multi-year low as low demand brings low prices and low production.
Scrap Steel #1 HMS Export buying price Philly rose to $230/GT near a multi month high, on slow growth in global demand.
Scrap steel #1 HMS price rose slightly to $249.33/GT on continued slow growth with reports of some upward price pressure.
Hot Roll Coil steel rose to $35.96/cwt an about 18 month high on continued slow growth in demand.
Copper Price rose to $3.18/lb. near the multi-year high, on solid China growth and great vaccine news, but concerns over dramatically rising COVID in the U.S. and Europe.
Aluminum price rose to 86.9 cents per pound an approx. 20 month high on the same China growth and vaccine news.
September’s Eurozone industrial production. Note that the Eurozone is an economy about the size of the U.S. They had their Production drop 6.8% from last September, the 19th consecutive drop. Note, U.S. Tariffs remain a problem for the global economy.
November’s U.S. consumer sentiment fell to 77, vs. the expected 82. This was the lowest since August as the assessment on current economics were unchanged. COVID’s increase was a drag. Interestingly Republicans had negative future expectations and Democrats had no change.
October’s U.S. Annual inflation fell to 1.2%, well below the 2.3%, pre-COVID. The Federal Reserve target is Average 2%. Note that Core inflation was 1.6%, which excludes energy and food. Energy fell 9.2%, food rose 3.8% and cars and trucks rose 11.5%.
U.S. Weekly initial unemployment claims fell to 709,000, the lowest since March, which is very good, but another 298,000 self-employed filed, so the total is 1.0M. Under 300,000 is needed for good economic growth.
Wall Street’s Dow Jones Industrial Average rose 1,157 points to 29,480, near a record high. The S&P 500, a broader stock index, closed at a record, all on great vaccine news. COVID increasing death rate is a major problem.
Gondola Trailers, Open Top Trailers, scrap trailers are a great value at BENLEE. 48’ and 53’ long are the most common with 8’ high by 102” wide or other. All made of Hardox, high strength, higher wear steel for long life.
As always, feel free to call, or email me with any questions and we hope all stay safe in these very difficult next 6-10 months.