October 14, 2019
This is the Global Economic, Scrap Metal, Commodities and Recycling Report, by BENLEE Roll off Trailers and Lugger Trucks, October 14th, 2019.
U.S. steel production fell to 1.804 Million tons, the lowest in 15 months on manufacturing contraction and as steel imports continue to take U.S. market share.
Oil rose to $54.91 a barrel, on middle east tensions, due to the attack on an Iranian oil tanker.
U.S. oil production rose to 12.6M barrels a day, a new all-time record. Despite some saying the U.S. is energy independent, we are not. The U.S. exports limited oil, gasoline and natural gas, so we do export more energy than we import, but we do need and get OPEC oil.
Iron ore fell to $90.50/Ton, on continued global manufacturing slowing.
Scrap steel #1 HMS fell to $192.13 a multi-year low, on global slowing.
Hot roll coil steel fell to $24.46/Hundred a multiyear low, on U.S. Manufacturing contraction.
Copper rose to $2.61, on the U.S. & China declaring they have reached a Phase 1 trade deal.
Aluminum rose to 77.6 cents, near the multiyear low, but up on the same trade deal news.
Cardboard scrap OCC, South East was no change in price, remaining at a multiyear low on slow global demand.
The U.S. and China reached a Phase 1 trade deal. No tariffs have been relieved but this is positive. One of the Biggest White House supporters said yesterday the tariffs have been a lose/lose, as the Global economy has been damaged.
The International Energy Agency, cut their oil growth estimate by 100,000 barrels a day due to the slowest global economic growth in a decade, with the lowest oil growth since 2016.
August U.S. job openings fell to 7.05 million, while still high it was the lowest since March 2018, about 19 months ago, with the largest drop in non-durable goods manufacturing.
U.S. September Inflation was steady and low at 1.7%, as falling gasoline prices offset other areas that increased. Falling gasoline prices support good consumer spending.
U.S. September Core inflation which takes out food and energy was higher at 2.4%, which is slightly above the Fed’s 2% target.
U.S. consumer sentiment rose to the highest reading since July, on better expectations and current economic conditions were felt. Real income expectations are the highest in two decades.
U.S. Initial unemployment job claims fell and remain at 50-year lows as slow job growth continues and there are few new workers.
Wall Street’s Dow Jones Average rose 26,817 near the recent high as the U.S. and China declare they made a trade deal.
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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.