November 8, 2021
This is the Global Economic, Commodities, Scrap Metal and Recycling Report, by our BENLEE Roll off Trailers and Lugger Trucks, November 8th, 2021.
U.S. Weekly crude steel production fell to 1.86MT on good demand. Steel Mills continue keeping supplies tight.
WTI Crude oil price fell to $81.57/b., as the U.S. government could release crude oil reserves to lower prices. Importantly, OPEC has refused to increase oil production.
The U.S. Weekly Oil rig count rose to 450, but is still off February’s 2020 high. Good oil prices are slowly bringing on more U.S. production.
Scrap steel #1 HMS price rose to about $460/GT on good U.S. and global demand.
Hot Roll Coil Steel Price fell to about $94.33/cwt, $1,887/Ton. Importantly, this was on good demand and a slight increase in supply.
Copper price fell to $4.34/lb., about 8% below the 5-month high. Importantly, this was on concerns over U.S. and China economic slowdowns.
Aluminum price fell to $1.15/lb., $2,535/mt, 20% below October’s high. This was on the continued ease of energy prices used to make Aluminum.
The U.S. September Trade Balance, widened to $80.9B, a new record. Importantly, this was on lower U.S. exports of crude oil, semiconductors and aircraft engines.
The U.S. IBD/TIPP November Economic Optimism index, fell to 43.9. This was on concerns over job growth, inflation and government policies.
U.S. October estimated motor vehicle sales, rose to an estimated 13M units. This is great economic upside as production ramps up.
U.S. October new jobs, added a strong 531,000 the most in 3 months. Importantly, this was as employers raised wages and added flexible hours.
The U.S. October unemployment rate fell to 4.6%, the lowest since March 2020. There is more great upside as more people go back to work.
U.S. October labor participation rate. This is people 16 years old or older, looking for work, or working. It was steady at 61.6%. Importantly, this is a huge economic upside as more people go back to work.
Wall Street’s Dow Jones industrial average, rose 508 points to 36,328 a new record high. This was on a great jobs report, great COVID pill news and as 401Ks are at record levels for millions of ordinary people. Record, very stock prices are very very positive for the economy.
Running roll off trailers? Want to increase profits? Carry 6,000 lbs. more weight on each load. Buy a BENLEE BridgeMaster, made of high strength steel and only two axles. It is a full 80,000 GVW, but weighs 6,000 lbs. less than a conventional trailer, so you carry more weight and make more money.
As always, feel free to call or email me with any questions and we hope all have a safe and profitable week.