June 22, 2020
This is the Global Economic, Commodities, Scrap Metal and Recycling Report, by our BENLEE Roll off Trailer and Gondola Open Top Trailer, June 22nd, 2020.
Covid-19 Update. Forecasted U.S. deaths skyrocketed to 201,129 through October 1st. U.S. deaths are now a staggering 119,865. As for a horrific failure, on March 5th, S. Korea had 35 deaths and the U.S. had 11, so S. Korea had 3 Times the number of deaths we had. As of yesterday. S. Korea deaths increased to 280, so 245 of an increase. We had 119,864 as of yesterday, so an increase of 119,853. Related COVID hospitalizations are increasing in many states and the Government has acknowledged getting ready for a second COVID wave in the fall. As for Good news, Therapeutic and vaccine Developments are positive.
U.S. weekly steel production rose to 1.21M Tons, as the U.S. is slowly reopening.
Oil price rose to $39.75/b as production cuts remain in place and global demand is increasing.
The U.S. Oil rig count fell to 189, down a huge 88.2% from the high as the U.S. production cut commitment to OPEC Remains, which supports Saudi Arabia, Russia and oil company profits.
U.S. weekly oil production fell to 10.5M/b/d, the lowest in over 2 years as the U.S. Abandoned our Global Energy Dominance Plan. Gasoline prices are now increasing.
Iron ore fell to $104/ton, but remains high as the global economy is on the rise.
Scrap steel #1 HMS composite price was steady at $210/GT, on slight increased demand and increasing supply. There is downward price pressure for June.
Hot Roll Coil steel fell to $23.94/Hundred on small demand increases, but as supply increases faster.
Copper was steady at $2.61/lb., the multi month high, on China’s economic rebound and hopes of a strong global recovery.
Aluminum rose to 71.8 cents per pound, on the same economic rebound and hopes of a strong global recovery.
May’s U.S. Housing starts rose 4.3% to an annualized rate of 974,000. This shows a very slow recovery and remains below the levels of 1960, 60 years ago. This is Bad News for Future Economic Growth.
June’s NY State Manufacturing Index Improved to -.2 from -48.5, so it remains weak, but improved on optimism for future business. Note that it peaked in mid-2018, showing the economy had been slowing about 18 month’s pre COVID.
May’s U.S. Retail sales jumped 17.7% from a record fall of 14.7% from April. Clothing and Furniture had the biggest increases. But overall Sales were down still 6.1% from last year.
U.S., Deposits in banks skyrocketed by $2 TRILLION since COVID. April alone increased by $865B which is more than in any one year in total. This is great news for future spending as the economy continues to reopen.
Wall Street’s Dow Jones Average rose 265 points to 25,871, as reopening the U.S. continues, but very slowly.
BENLEE continues to expand our online parts store. Of course, you can call us for parts as well. We stock for same day shipment, every Tarp and tarp system part you could ever need, as well as, rollers, tie downs, pulleys, valves, hydraulic cylinders, fenders and more for BENLEE and for Galbreath, Dragon, American Roll Off and more. We have parts and systems from Pioneer, Roll Rite, Donovan, U.S. Tarp, Commercial, Hyco, Custom, Parker, Gresen, Holland and more.
As always, feel free to call, or email me with any questions. We hope all have a safe and profitable week.