November 11, 2019
This is the Global Economic, Scrap Metal, Commodities and Recycling Report, by BENLEE Roll off Trailers and Open Top Scrap Gondola Trailers, November 11th, 2019.
U.S. steel production rose to 1.888 Million tons, a multi month high on continued slow economic growth.
Oil rose to $57.24 a barrel, as OPEC maintains cuts and on slow global economic growth.
U.S. weekly oil production was steady again at 12.6M barrels a day, the record high, which is great economic news.
Iron ore fell to $80/Ton, a multi month low on a continued slowing economy.
Scrap steel #1 HMS rose to $20 to $25/GT to about $205 on the same continued slow economic growth.
Hot roll coil steel rose to $25.39/Hundred as steel mill price increases are holding.
Copper rose to $2.69, a multi week high on positive U.S. China trade optimism. Copper prices are known to be a key leading indicator of economic growth. Copper is known as Dr. Metal. Economic Health can be seen by the price of copper.
Aluminum rose to 82.6 cents, a multi week high on the same positive U.S. China trade news.
Cardboard Scrap OCC in the SE was steady at a decade low on the slow economy and slow demand, partly caused by plastic substitution for cardboard packaging.
October’s Global economic growth as measure by JP Morgan’s PMI, shows the growth rate slowing with the U.S. China trade disruption being a key reason.
Q3 Euro area, whose economy is about the size of the U.S., had their economy grow 1.1%, vs. last year, the weakest since 2013. Trade conflicts, manufacturing weakness and Brexit issues, were key reasons.
U.S. Job vacancies fell a bit, but remain near the record high. Still a solid number so overall good economic news.
October’s new orders for U.S. Manufactured goods fell .6% as orders for transportation equipment, computers and electronic products fell, while electrical products and appliances rose.
November’s preliminary U.S. Consumer sentiment index rose to a 4 month as consumers felt more positive about the economy, but less favorable about personal finances. Overall very good news.
Initial unemployment claims fell to 211,000, remaining near 50-year lows as more people continue to enter and stay in the workforce. More people working, more people spending, more people paying taxes, brings a better economy. Overall more great news.
Wall Street’s Dow Jones Average rose to 27,681 near the record high, which helps support wealth and spending, so great news.
BENLEE has been known as the #1 Roll off trailer in the market for decades, but we are now more and more being known for our Open Top Scrap Trailers in 45, 48 and 53’ units made of high strength steel and frameless, therefore light weight, so carry they carry more material than a framed trailer. Call us for a quote.
As always, feel free to call or email me with any questions and we hope all have a Safe and Profitable week.