April 12, 2021
This is the Global Economic, Commodities, Scrap Metal and Recycling Report, by our BENLEE Roll off Trailer and Gondola Trailer, April 12th, 2021.
U.S. Weekly crude steel production rose to 1.766MT. There was a 77.9% Steel Mill utilization rate, as supply constraints continue to bring higher steel prices.
WTI Crude oil price fell to $59.32/b., on oversupply concerns due to increased oil output and demand concerns on the slow vaccine rollout in Europe.
The U.S. Oil rig count was steady at 337, down 79% from 2014’s high on a slow increase in demand. Also, there is technology for allowing more oil from each rig.
Scrap steel #1 HMS fell to about $390/GT on very good supply and a small increase in demand.
Hot roll coil steel rose to $67.20/cwt, yet another record high, up about 30% in 2021. This is caused by a slow increase in demand and constrained supply.
Copper price rose to $4.05/lb. on good Chinese demand. Also, on tighter supplies as production is declining in the #1 global producer, Chile, due to COVID.
Aluminum price rose to $1.02/lb. a multiyear high on the Chinese building inventory and good demand in automotive and construction.
China’s March Caxin Composite PMI economic index rose to 53.1 the highest since last December. This was on a sharp rise in services, with a slower rise in manufacturing. Prices rose sharply and confidence was at an 8-month high.
Canada’s March unemployment rate fell to 7.5% the lowest since last February. COVID restrictions have been tightened, which could hurt future data.
The U.S. February trade deficit widened to $70.5B the biggest deficit on record. The goods deficit widened, while services shrank. The deficit widened with China and Canada, but narrowed with Mexico.
U.S. March Producer prices rose 4.2% vs. March 2020, the fastest rise since 2011. Energy jumped 5.9%, with gasoline up 8.8% from February.
The U.S. IBD/TIPP April Consumer economic confidence index rose 1.8 to 56.4. This was a new high since February 2020, pre COVID. The 6-month outlook increased and people were positive about Federal policies. But, feelings about personal finances edged down.
U.S. IHS March purchasing manager’s economic index was revised higher to 59.7 the fastest upturn since August 2014. The services sector growth accelerated as manufacturing slowed. Price pressures remained elevated as the outlook was robust.
Wall Street’s Dow Jones Industrial Average rose 648 points to 33,801 a record high on positive vaccine news and a stimulus supported economy. A concern though is the producer prices rose the most in 9.5 years.
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As always, feel free to call, or email me with any questions and we hope all have a safe and profitable week.