Search BENLEE

Scrap Metal, Recycling, Global Economic and Commodities Report

September 27, 2021

This is the Global Economic, Commodities, Scrap Metal and Recycling Report, by our BENLEE Roll off Trailers and Gondola trailers, September 27th, 2021.

weekly tonnage of raw steel production

U.S. Weekly crude steel production fell to 1.874MT, an 84.9% steel mill utilization rate. Importantly this was despite good demand and near record prices.

Crude Oil

WTI Crude oil price rose to $73.98/b, the highest in almost 3 years. Furthermore, this was on growing demand and supply disruptions due to the recent hurricane.

Oil Rig Count

The U.S. Weekly Oil rig count rose to 421. Moreover, this was on a very slow increase, despite good demand.

AMM Weekly Heavy Melt

Scrap steel #1 HMS price was steady at $413.33/GT. Importantly, there is steady to slight upward pressure for October, despite Prime might be down a bit.

Hot Roll Coil

Hot Roll Coil Steel Price fell to $97.94/cwt., which is $1,958.80/T, near the record. Importantly, this was on growing demand and constrained supply.

Copper

Copper price rose to $4.28/lb., near a 1 month low. Moreover, this was on concerns over a major company possible default, in China.

Aluminum

Aluminum price rose to $1.323/lb., $2,915mt, near the 2008 record. Importantly this was on concerns over China’s economy and Guinea’s Coup of the government, that could affect Bauxite supply.

Baltic Exchange Dry Index

Baltic Exchange Dry Index, which is the cost of shipping containers globally. It rose to $4,644 near the 2009 high, up 8.6% for the week. This was on ongoing shipping constraints and stronger demand.

U.S. September IHS Manufacturing Index

U.S. September HIS Manufacturing Index fell to 60.5, meaning very good, but slowing activity. Importantly, slowing was caused by material shortages and trucking problems hurting vendor performance.

U.S. August Housing Starts

U.S. August Housing starts rose 3.9%, good, but at the rates of the 1960’s. Importantly this means there is a huge upside for the U.S. economy.

U.S. Federal Reserve Rates

U.S. Federal Reserve announced staying at 0-.25% interest until late 2022 or 2023. Also, they repeated they will begin tapering, slow the printing of money, in late 2021.

U.S. August Total Employment

U.S. August total employment. It was up to 147.2M, which is the level of October 2017. Importantly the U.S. has 5.33M less people working today, vs. February 2020. This is great upside as more people go back to work.

Dow Jones

Wall Street’s Dow Jones Industrial average rose 213 points to 34,798, in a volatile week. There remain concerns over China’s slowing and global supply chain problems.

Lugger Truck

Lugger Trucks by BENLEE. Load Lugger ™, Huge Haul and Heil Luggers are all BENLEE brands. Call us for a quote. Rent or by a used lugger truck at Premier Truck sales and rental.

As always, feel free to call, or email me with any questions and we hope all have a safe and profitable week.

Links:

BENLEE Roll off Trailers, Lugger Trucks and Roll off Parts

Roll off Parts, Roll off Truck Parts, Roll off Trailer Parts, Tarp System Parts

Galbreath Hoist Parts