July 12, 2021
This is the Global Economic, Commodities, Scrap Metal and Recycling Report, by our BENLEE Roll off Trailer and Lugger Truck, July 12th, 2021.
U.S. Weekly crude steel production rose to 1.842MT, an 83% utilization rate, vs. 90% in mid-2008. Economic growth continues.
WTI Crude oil price fell to $74.56/b, the first drop in months. At last week’s OPEC meeting, they could not agree on increase limits.
The U.S. Weekly Oil rig count rose to 378, still about half the pre COVID high. Drillers are holding back until prices increase further.
U.S. weekly crude oil production rose to 11.3Mb/d, down 13.7% from pre COVID. Major increases are waiting for higher prices.
Scrap steel #1 HMS price remained steady at $461.67/GT. Supply and demand are in balance.
Hot Roll Coil Steel Price rose to $89.06/cwt, a weekly ending record and was slightly higher during the week. Demand continues to outstrip supply.
Copper price rose to $4.34/lb., about 10% off the record high. This is on good demand and lower Chinese smelting, due to maintenance.
Aluminum price fell to $1.128/lb. $2,487/mt, near the 2011 high, on good demand and tight supply. Russian new export metal taxes are starting August 1, to reduce Russian their exports to reduce their inflation.
China’s June Annual Inflation fell to 1.1% from May’s 8 month high. Food was down and non-food was up slightly, due to slower economic growth.
Canada’s June Economic Ivey Purchasing Manager’s index. jumped to 71.9 the second highest since March 2011. This signals a sustained and strong recovery as hiring increased.
U.S. 10 Yr. Treasury bond rate. Note this is a 100-year chart. It fell to 1.36%, up from 1.25% during the week. Concerns over the Delta variant are spooking the markets.
U.S. July IBP/TIPP economic optimism index fell to 54.3, the lowest since February, as stimulus fades and on higher inflation. Related, the 6-month outlook fell.
U.S. June annualized total vehicle sales fell to 15.84M a multi month low, as semiconductor shortages continue to hurt production. The good news is, as production rises, it extends the recovery.
U.S. May job openings rose to 9.193M a new record. Services and education had the largest increases.
Wall Street’s Dow Jones industrial average rose 84 points to 34,870, a record high and 14.99% YTD. The Dow recovered from a Thursday sell off over concerns about the Delta variant. After falling for months U.S. COVID case are up a huge 60% in the past 14 days.
BENLEE Roll off trailers for rent. Call Premier Truck sales and rental. Call 1-800-825-1255. Rent a 40’ Tri axle and the 25’ 11” Super Mini.
As always, feel free to call, or email me with any questions and we hope all have a safe and profitable week.