February 1, 2021
This is the Global Economic, Commodities, Scrap Metal and Recycling Report, by our BENLEE Roll off Trailer and Gondola Trailer, February 1st, 2021.
U.S. Weekly crude steel production fell to 1.717M Tons on very slow U.S. economic growth.
WTI Crude oil price fell to $52.20/b on concerns of the slow vaccine rollouts and OPEC output rising slightly.
The U.S. weekly Oil rig count rose to 295, but it is still down 81.6% from 2014’s high. Long term higher production is in doubt, as GM announced a target of all-electric fleet sales by 2035.
U.S. weekly crude oil production fell to 10.9M/b/d as U.S. economic growth slowed due to high COVID deaths and COVID restrictions.
Scrap Steel #1 HMS export buying price Philly, fell to $340/GT on very strong supply and good demand.
Scrap steel #1 HMS was steady at $413.33/GT, with a major price drop coming this month on very strong supply and very slow growth in demand.
Hot roll coil steel rose to $56.50/cwt, as demand, supply and raw material prices, remain in flux.
Copper price fell to $3.54/lb. with new COVID restrictions in China, but prices are still high, due to unprecedented measures of central banks and governments around the world to shore up economic growth.
Aluminum price fell to 89.7 cents/lb. on the same factors as copper.
China’s January NBS manufacturing index fell to 51.3 the weakest growth since August on the resurgence of COVID causing lockdowns. Future sentiment was at a 6-month low.
Canada’s November GDP grew .7% over October, the 7th month of expansion, following historic contractions. Forecast is there was -5.1% growth in 2020.
U.S. December Personal spending fell .2% from November, due to COVID business and activity restrictions and job losses. Spending fell in most areas other than light trucks and electricity.
U.S. GDP Growth fell 2.5% vs. last year in Q4 2020, with the total year a negative 3.5%, one of the worst drops of major global economies, due to problems handling COVID and problems handling the economy.
U.S. December Durable goods orders grew .2% which was below forecast. Good news was it was the 8th month of expansion. Machinery was up 2.4%, but transportation was down 1%.
U.S. December home building permits soared to 1.7M annualized the best in 15.5 years which is great for 2021 growth. Interestingly this is the rate of about 50 years ago.
Wall Street’s Dow Jones Industrial average fell 1,014 points to 29, 983 on concerns there a stock price bubble and on low interest rates and vaccine expectations. There are also concerns about the frenzied trading of shorted stocks like GameStop and AMC.
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As always, feel free to call, or email me with any questions and we hope all stay safe in these very difficult next 5 months.