June 15, 2020
This is the Global Economic, Commodities, Scrap Metal and Recycling Report, by our BENLEE Roll off Trailer and Gondola Open Top Trailer, June 15th, 2020.
Covid-19 Update. Forecasted U.S. deaths rose to 169,890 through October 1st, as less people wear masks and there is less social distancing. A shocking 115,729, are now dead in 15 weeks. As for horrific failures. On March 16, the U.S had 3,485 infected 65 dead, when we began the “15 days to slow the spread”. Result 115,729 Dead, 20,000 new cases a day and 800-1,000+ Deaths A DAY. Importantly, the U.S. at 330M population is 4.2% of the global 7.8B. U.S. COVID deaths are 27% of the total global deaths, not 4.2%. As a positive, Vaccine development is accelerating.
U.S. weekly steel production fell to 1.195M Tons, as the U.S. is slowly reopening.
Oil price fell to $36.26/b, after a major spike in recent weeks, yet major production cuts remain in place to raise prices.
The U.S. Oil rig count fell to 199 down a shocking 88% from the 2014 high, despite a major recovery in price, as the U.S and OPEC partner to lower production, to raise prices.
U.S. weekly oil production fell to 11.1M/b/d, down 2.0 M/b/d in just 12 weeks. The U.S. has abandoned our Energy Dominance policy, to maintain positive relations with Saudi Arabia.
Iron ore rose to $105/T, near a 1 year high on China’s economic recovery.
Scrap Steel No. 1 HMS export buying price Philadelphia, rose to $215/GT, on increased demand and tight supply.
Scrap steel #1 HMS composite price rose to $210/GT, on the same increased demand and tight supply.
Hot Roll Coil steel rose to $25.97/Hundred on small demand increases, as manufacturing slowly reopens.
Copper rose to $2.615/lb., a multi month high, on China’s economic rebound and hopes of a strong global recovery.
Aluminum rose to 70.8 cents per pound, on the same economic rebound and hopes of a strong global recovery.
The National Bureau of Economic Research reported that the U.S. Recession may have started in February, which is pre COVID’s March Lockdown, documenting that the economy spiked in 2018 and was slowing since then. The current borrowing and giving out $2.9T, plus another $1+ T that is being discussed, and another $4T of Fed buying, will help.
June’s U.S. Economic optimism index fell to 47, lowest since Sept 2016, as Americans felt pessimistic about federal policies. Stock Market investors felt mostly optimistic, while non-investors felt deeply pessimistic.
May’s U.S. Inflation rose just .1%, the lowest since September 2015, as gasoline fell 33.8% & apparel fell 7.9%. Food rose 4%, highest since January 2012.
June’s U.S. Consumer Sentiment rose to 78.9. Outlook for personal finances improved due to the reopening of the economy. Jobless rate declines were also expected.
Wall Street’s Dow Jones Average fell 1,505 points to 25,606 on concerns about a slow recovery and Global Covid increases.
Repeating last week’s message, Safety remains #1 at BENLEE. We learned last week of a major accident with a hoist hitting a power line. Remember our $30.00, Danger, Electrocution signs are now 1 penny, yes, 1 penny so all but free at our online parts store. Also, the Hoist Up strobe and sensor start at $95. Both are standard on every new and used roll off trailer we sell. Order online or call 734-722-8100.
As always, feel free to call, or email me with any questions. We hope all have a safe and profitable week.