September 20, 2021
This is the Global Economic, Commodities, Scrap Metal and Recycling Report, by our BENLEE Roll off Trailers and Gondola trailers, September 20th, 2021.
U.S. Weekly crude steel production rose to 1.882MT, an 85.3% steel mill utilization rate, vs. 91%+ in 2008. Importantly, severe tight supplies, continue causing supply chain disruptions.
WTI Crude oil price rose to $71.96/b., on good demand. Furthermore 28% of Gulf of Mexico production is still offline.
The U.S. Weekly Oil rig count rose to 411, well off the recent highs. Moreover, tight bank lending, continues to hurt drilling investments.
Scrap steel #1 HMS price was steady at $413.33/GT on good supply and slowly increasing demand.
Hot Roll Coil Steel Price rose to $98.11/cwt., $1,962/T, a new record high. Importantly, this was on good demand. Also, the coming planned mill shutdowns, mean no relief in sight.
Copper price fell to $4.24/lb., but relatively high. Moreover, China reiterated plans to release more copper reserves.
Aluminum price fell to $1.30/lb., $2,865/mt, near the 2008 record. Importantly, China’s Aluminum output declined, and global smelting costs increased.
Palladium Futures Price. Importantly, palladium is key in catalytic converters. Futures fell to $2,014/troy ounce, the lowest since July 2020. This was on massive global automotive plant shutdowns, due to the chip shortage.
U.S. August inflation rate fell to 5.3%, from the 14 year high. Importantly core inflation fell to 4.0%. Used Cars and trucks fell, while food and new vehicles rose.
U.S. September consumer sentiment index. It edged up to 71, from a decade low in August. Importantly, economic concerns were the worst in decades.
U.S. NFIB small business optimism index. It rose to 100.1, with a major concern over conditions in the next 6 months. But importantly companies plan to increase employment, inventory and capital outlays in the coming months.
U.S. August Industrial Production increased 5.9% vs, last year, a solid number. Importantly, growth was hurt by shutdowns due to the hurricane.
U.S. August Retail Sales rose .7% vs. July, but excluding vehicles, they jumped a huge 1.8%. Internet sales Furniture and building and garden stores rose the most.
Wall Street’s Dow Jones Industrial average fell 23 points to 34,585, a two-month low. This was on concerns over the U.S. Federal Reserve’s Tapering, which is printing money.
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As always, feel free to call, or email me with any questions and we hope all have a safe and profitable week.