December 2, 2019
This is the Global Economic, Commodities, Scrap Metal and Recycling Report, by BENLEE Roll off Trailers and Open Top Scrap Gondola Trailers, December 2nd, 2019. This is a special remote edition.
U.S. steel production fell to 1.861 Million tons, on a slow growth economy.
Oil fell to $55.49 a barrel, despite OPEC production cuts to try to keep prices high and on very slow demand growth.
U.S. weekly oil production rose to yet another new record of 12.9 M barrels a day, continuing the terrific 10 Year trend up. Truly outstanding U.S. economic news.
Iron ore rose to $87.00/Ton, on continued slow growth and a manufacturing upturn in China.
Scrap steel #1 HMS was steady at $202.67, but supply is weak coming into recycling operations, so December prices could be up $20/GT or more.
Hot roll coil steel rose to $27.77/Hundred as steel mills increase prices to pass along the increased price of scrap metal and iron ore.
Copper rose to $2.66 per pound, on the continued slow growth economy.
Aluminum rose to 80.2 cents per pound, on the same slow growth economy.
China’s November manufacturing index rose to 50.2, showing the first expansion in factory activity since April, as output increased the most in 8 months. New orders and buying activity both returned to growth and sentiment strengthened as well.
U.S. wage growth in October rose 4.89% vs. last year. Of course, this is good news and bad news. Higher wages are inflationary, but higher wages bring more spending and a better economy.
U.S. Economic Growth in Q3, the third quarter rose to 2.1%, but is forecasted to slow to about 2.0%. The U.S. needs the 4, 5 and 6% growth the White House forecasted. The current growth is too slow to stop the horrific growing government deficits, which will lead to an even slower economy.
U.S. Durable Goods Orders in November rose .6%. Fabricated Metal products led the increase & transportation equipment rose as well. Orders for non-defense goods, excluding aircraft are a key measure. They surged 1.2%. Great economic news.
U.S. Consumer confidence in November rose to 96.8 the highest in four months. Future expectations rose as inflation expectations remained at 2.5%. Strong feelings of both optimism and pessimism exist as the consumer remains strong and industrial remains weak.
U.S. New Single-family home sales fell, but remained near the 10 Year high. Sadly, this is only at the level of the mid 1970’s, 45 years ago, as U.S. growth remains in a slow growth mode.
Wall Street’s Dow Jones Average rose to 28,051 on continued, but slowing economic growth. The 10-year run up in the Dow continues.
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As always, feel free to call, leave a message on LinkedIn or email me with any questions and we hope all have a Safe and Profitable week.