May 24, 2021
This is the Global Economic, Commodities, Scrap Metal and Recycling Report, by our BENLEE Roll off Trailer and Lugger Truck, May 24th, 2021.
U.S. Weekly crude steel production rose to 1.799MT, but was a staggering about 22% higher in 2008, before the crash.
WTI Crude oil price fell to $63.87/b. Some drivers are faster vaccine programs for higher prices with increased demand and progress on U.S./Iranian talks, lower prices with increased supply.
The U.S. Weekly Oil rig count rose to 356 still down 77.9% from 2014’s high. Higher prices and higher demand, slowly increasing rigs.
Scrap steel #1 HMS price was steady at $413.33/GT with upward price pressure for June of about $20/GT or more.
Hot roll coil steel price rose to $78.54/cwt, and hit a record high during the week. Restricted supply by steel mills continues bringing record prices.
Copper price fell to $4.51/lb. a two-week low on increased supply, but there is a strike threat at the world’s largest copper mine.
Aluminum price fell to $1.08/lb., $2,382/mt, despite strong demand. The U.S. and the EU, European Union and talking about excess global steel and aluminum capacity, and agreed to not escalate tariffs for now.
Eurozone May initial manufacturing PM index fell slightly to 62.8 and remained near the record. New orders slowed as backlogs were at a new record.
Canadian April Inflation surged to 3.4%, the highest since May 2011. Gasoline and housing led the increase.
U.S. April Existing home sales fell 2.7% from March, the 3rd month of declines. Lack of supply is a key problem.
The U.S. dollar index, which is an inverse to commodity prices. When the dollars is down, commodities go up. It fell to 90, near a multiyear low, so commodity prices are high. Record U.S. growth, but the recovery is far from complete, so lower dollar.
U.S. Weekly jobless claims fell to 444,000 the lowest since March 2020, as the economic recovery continues. To influence people to take jobs, 20 states are withdrawing from the extra $300/wk. Federal unemployment booster.
U.S. May IHS manufacturing Purchasing Manager’s index rose to 61.5, a record high as new orders expanded at a record pace. This was despite vender performance deteriorated as job growth slowed.
Wall Street’s Dow Jones Industrial Average fell 175 points to 34,207 near the record high on good growth indicators and the near the U.S. Federal Reserve may discuss tapering easing.
Roll off truck and trailer parts for sale, for BENLEE, Galbreath, Galfab, American, Dragon and more. Also, for Pioneer Roll Rite, U.S. Tarp Donovan and more. Order online 24/7 or call BENLEE at 734-722-8100. Buy every roller, sheave, pulley, tie down, tarp, tarp arm, motor, cylinder and more.
As always, feel free to call, or email me with any questions and we hope all have a safe and profitable week.