Raleigh Metal Recycling
Metal Commodities and Recycling Report
Monday, March 9th, 2015
2310 Garner Road
Raleigh, NC, 27610
This
is the first in a weekly series that we will call the Monday Commodities and
Recycling report, brought to you by BENLEE the industry leader in roll off
trailers and open top scrap trailers, as well as Raleigh and Goldsboro Metal
Recycling, the leaders in North Carolina for Scrap Metal, Cardboard,
Electronics and Junk Cars.
Today
is Monday, March 9th, 2015. My
name is Greg Brown, President and CEO of the companies.
For
many, last week was Ferrous selling week. The clear expectation going into the
week was that prices were going to be down about $20/GT, about $1.00/hundred
pounds, even though prices had tumbled to multi year lows in February, but Mother
Nature had a different idea. With February
weather being horrific in the Northeast and Southeast, flows of obsolete
material into scrap yards were at low levels not seen since the crash of 2008.
This meant that any further price reduction would have caused shortages of some
commodities, so prices were mostly sideways, other than for some isolated areas
in the Midwest that had an approximate $10/GT decline.
Copper
which hit a multiyear low of about $2.41 per pound on May COMEX about a month
ago, had a nice steady increase to about $2.70 a week ago, but last week we saw
a significant steady drop to about $2.61 as of Friday. Copper did have a little bump up this morning
to $2.63.
Aluminum,
which has also been struggling, hit a new approximate monthly low on Friday.
On
the economic front, there was a lot of big news. First, the number of U.S. jobs created last
month was higher than forecast; a terrific 295,000, but this good news was
followed by expectations that the Fed will increase interest rates sooner
rather than later. With this
expectation, the stock market which was hitting new highs in the past week,
crashed on Friday, with a stunning 1.4% drop in the S&P 500. This also led to a 13 year low of the Euro
against the dollar and some forecast further Euro weakening. The low Euro vs. the dollar is part of what
is driving significant amounts of scrap metal and finished steel to come to the
U.S. from Europe, and less scrap metal to be exported. These are part of the reasons for today’s low
U.S. scrap metal prices.
Oil
prices were down a bit in recent days due to a report on increased inventories,
and there was yet another drop in the U.S. Gas and Oil drilling rig count. The rig count hit a high of 1,609 in October 2014
and hit a low 922 last week, a stunning 43% reduction. This reduction has caused layoffs at places
like U.S. Steel which makes steel for the drilling industry.
U.S.
steel production in January, a short 8 weeks ago hit a multi-year high, with capacity utilization at about 79%. As of the end of February, production had
dropped to a new multi-year low. The decline is a big 14% and a capacity utilization
of about 70%.
On
the positive front, not only is the job market in the U.S. continuing to
improve, both China and European governments made moves to improve growth. Also, positive is that while gasoline prices
are a bit higher in recent weeks, they still remain significantly lower than a
year ago. This is a global shot in the
arm for consumers and companies, which should shortly help growth here in the
U.S. and many other parts of the world.
For today’s prices call our main number at 919-828-5426 and after the Greeting, Press 2, you will hear a recording of "Today's Prices".
Raleigh Metal Recycling
-Great Prices
-Outstanding Service
-Industrial Pick Up and Public Drop off
-11 Digital Scales to get you in and out-FAST!
OR
You Drive in, Tow in
When in Raleigh, Durham, Apex, Butner, Cary, Chapel Hill, Clayton, Dunn, Garner, Henderson, Knightdale, Lumberton, Oxford, Mebane, Morrisville, Roxboro, Sanford, Smithfield, Wake Forest, Burlington, Fayetteville, Fuquay-Varina, come see us at:
Raleigh Scrap Metal Recycling
2310 Garner Rd.
Raleigh, NC 27610
Tel 919-828-5426
www.raleighscrapmetalrecycling.com
When in Goldsboro, LaGrange, Kinston, Mt. Olive, Smithfield, New Bern, come see us at:
Goldsboro Scrap Metal Recycling
801 N. John St.
Goldsboro, NC 27530
Tel: 919-731-5600
801 N. John St.
Goldsboro, NC 27530
Tel: 919-731-5600
www.goldsboroscrapmetalrecycling.com
When in Wilson, NC, Tarboro, NC, Rocky Mount, NC, Greenville, come see us at:
Wilson Scrap Metal Recycling J & G
404 Maury Road S
Wilson, NC, 27892
Tel 252-243 3586
www.wilsonncscrapmetalrecyclingjg.com
When in Wilson, NC, Tarboro, NC, Rocky Mount, NC, Greenville, come see us at:
Wilson Scrap Metal Recycling J & G
404 Maury Road S
Wilson, NC, 27892
Tel 252-243 3586
www.wilsonncscrapmetalrecyclingjg.com
Want to JUNK your CAR FOR CASH??!!!
CLICK HERE to check out our Junk and Salvage Car Website
BENLEE Roll Off Trailers For Sale!
Greg Brown
greg.brown@raleighscrapmetalrecycling.com
919-828-5426
greg.brown@raleighscrapmetalrecycling.com
919-828-5426
