August 31, 2020
This is the Global Economic, Commodities, Scrap Metal and Recycling Report, by our BENLEE Roll off Trailer and Open Top Trailer, August 31st, 2020.
U.S. weekly steel production rose to 1.412M Tons, an about 5 month high, as the economy continues its slow growth.
Crude Oil price rose to $42.97/b near a multi month high as major production cuts remain in place, slow demand increases and no major storm damage in and around Texas and the Gulf of Mexico after last weeks storms.
The U.S. Oil rig count fell to 180, near a decade low, down a huge 88.8% from the 2014 record high, due to low prices and the U.S./OPEC deal to cut production.
U.S. weekly oil production rose to 10.8m/b/d near the multi-year low on low prices and the U.S. OPEC deal to cut production so as to get prices up.
Scrap #1 HMS Export Buying price Philly, was steady at $220/GT, at a multi month high on good export demand and good supply.
Scrap steel #1 HMS price was steady at $211.67/GT with major upward price pressure for September on increased U.S. and global demand.
Hot Roll Coil steel rose to $25.03 per hundred weight, a multi month high on increased demand, along with increased iron ore and scrap metal prices.
Copper rose to $3.03/lb. a Multi-year close. This is great economic news. Copper is Dr. Metal. The health of the economy can be detected by the price of Copper so the economy is pretty healty.
Aluminum price rose to 79.8 cents per pound a multi month high, leaving out spikes, on continued global growth and a good balance of supply and demand.
The U.S. growth rate, GDP for Q2, had its 2nd Estimate, showing Growth Fell 31.7%, the sharpest drop Ever recorded, The Great News is: Q3, Q4 and 2021 Will Be Much Better!
The U.S. Fed. Reserve Announced a Major Policy Change. The Current Policy is to Raise Interest Rates to Keep Inflation At 2.0% or less. The NEW policy is to Raise Interest Rates after an AVERAGE of 2%; this means 3% or more will be OK.
U.S. Consumer Sentiment for August rose to 74.1, the 2nd highest in months, as there were fewer concerns about the year ahead and consumer expectations were revised higher.
U.S. Sales of New Single-Family Homes for July soared 13.9% from June, the highest in 14 Yrs. Low interest rates and a recovery from the slump were key factors, and this is great news For High Wage Jobs.
Wall Street’s Dow Jones Industrial Average rose 654 points to 28,654 a multi month high. The S&P 500, a broader measure of the market, keeps hitting new record highs and had the best August so far, since 1986. Markets are expecting a good economy.
We are very optimistic going forward. 2021 should be a great economic year. There will be a huge recovery from record level problems. How could there be anything other than better news going forward. Why? We are recovering from, the Worst Pandemic in 100 Years, the Worst Unemployment percent ever, the Worst Weekly Job Loss Ever, the Worst GDP Decline Ever, the Worst Point Drop in the Stock Market Ever. We will recover from the above with $3.3T or more of stimulus and record low interest rates. We are on the Upswing!
As always, feel free to call, or email me with any questions and we hope all have a safe and profitable week.