September 7, 2021
This is the Global Economic, Commodities, Scrap Metal and Recycling Report, by our BENLEE Roll off Trailers and Gondola trailers, September 7th, 2021.
U.S. Weekly crude steel production fell to 1.873MT, an 84.9% utilization rate vs. 91%+ in 2008. There is only a slight upward trend, despite very good demand.
WTI Crude oil price fell to $68.38/b on good demand and OPEC’s agreement to increase oil production.
The U.S. Weekly Oil rig count fell to 394, well off the pre COVID high, as the major hurricane caused shutdowns.
Scrap steel #1 HMS export buying price Philly, was steady at $345/GT on good demand and very good supply.
Scrap steel #1 HMS price fell to about $415/GT on the same good demand, but very good supply.
Hot Roll Coil Steel Price rose to $97.33/cwt, $1,941.60/T a new record. This was on good demand and limited supply, as the price was 4.21 times what it was in October 2019.
Copper price was steady at $4.34/lb. The trend is higher on the coming of a carbon free world, as there are concerns over China’s slowdown due to COVID.
Aluminum price was also steady at $1.214/lb., $2,675/mt and hit $2,700 during the week. That was the highest since 2011 on increased demand and supply disruptions.
U.S. August ISM Manufacturing PM Business confidence index. It increased to 59.9 as new orders and production rose. Also, there was less price pressure, yet record raw material lead times.
U.S. August new jobs report. It fell to 235,000, the lowest in 7 months. The COVID surge discouraged hiring and discouraged workers looking for jobs.
U.S. August unemployment rate fell to 5.2%, well above pre COVID’s 3.5%. But many people are not even looking for work, so they are not even considered unemployed.
U.S. August labor participation rate, which is people 16 years of age or older that are either working or looking for work. It was steady at 61.7%, 1.6% lower than pre COVID, and 5.6% lower than the year 2000. Many of the 38.3% not in the workforce, need to get back into the workforce, vs. sitting at home.
U.S. August total non-farm payroll, which is considered total workers. It rose to 147.190M, still down 5.33M pre COVID. There is a major economic upside as more people go back to work.
Wall Street’s Dow Jones Industrial average fell 87 points to 35,369. This was on slow job growth and the Federal Reserve again saying they were looking to start reducing stimulus.
BENLEE’s Online roll off and lugger parts store is open 24/7. We have great prices and same day shipment. Call us for Pioneer, Roll-Rite, Galbreath, American, Dragon and more. We have the tarp, roller, pulley, valve, cable, tie down and strap you need.
As always, feel free to call, or email me with any questions and we hope all have a safe and profitable week.