March 15, 2021
This is the Global Economic, Commodities, Scrap Metal and Recycling Report, by our BENLEE Roll off Trailer and Gondola Trailer, March 15th, 2021.
U.S. Weekly crude steel production rose to1.755MT, an 11th month high as slow economic growth continues. Low Production is causing steel shortages so Steel Mills are charging record prices.
WTI Crude oil price fell to $65.61/b, but near the 13-month high. Forecasts remain mixed, but demand is increasing, as Iran with the 4th largest Oil reserves, is expanding sales, which hurts global prices.
The U.S. Oil rig count fell to 309, down 80.8% from 2014’s high. Low demand, low prices and technology is keeping the rig count low.
U.S. weekly crude oil production rose to 10.9Mb/d. Low prices and low demand is keeping production low.
Scrap Steel #1 HMS export buying price Philly, rose to $345/GT on good demand and good supply.
Scrap steel #1 HMS rose to $411.67/GT, on good demand, but great supply with downward price pressure for April.
Hot roll coil steel rose to $64.25/cwt, another record high as product shortages continue. Prices may peak in about 90 days.
Copper price rose to $4.16/lb. on slow global economic growth, with a focus on investments in Electric vehicles and green energy. Green energy will require massive copper use.
Aluminum price fell to 97.3 cents/lb. on increased supply, but optimism on global growth.
Eurozone January Industrial production rose .1% from January 2020, ending a 26-month decline. Durable consumer goods led the increase.
Canadian February Unemployment rate fell to 8.2% the lowest since March 2020, as many businesses, cultural and recreational facilities reopened.
U.S. February inflation increased to 1.7% annually the highest since February 2020, with energy and medical services having the highest increases. Core inflation was low at 1.3%. The Federal Reserve is saying it is OK to have 2% inflation or more, temporarily.
U.S. February NFIB small business optimism index rose to 95.8, still below pre-pandemic levels on concerns about stabilizing businesses and horrific February weather.
U.S. March consumer sentiment jumped to 83 the highest since March 2020, as consumers were positive about growing vaccinations and stimulus payments.
Wall Street’s Dow Jones Industrial average rose 1,282 points to 32,778 another record high. The good news is, we are at highs, vs. some forecast a crash after the election. Last week the stimulus passed and there is a goal of people 18 years or older being eligible for vaccinations by May 1st.
Roll off truck, roll off trailer, lugger truck, and pup trailer parts are for sale at BENLEE. Call or buy from our online parts store 24/7. Galbreath, Galfab, American, Dragon and more. Also, tarp system parts for Pioneer, Roll-Rite, Donovan, U.S. Tarp and more. Every roller, pulley, tarp, tie down, Arm, valve cylinder you need.
As always, feel free to call, or email me with any questions and we hope all have a safe and profitable week.