Wilson Metal Recycling
Metal Commodities and Recycling Report
May 11th, 2015
404 Maury St S, Wilson, NC, 27893
This is the 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, May11 th, 2015. My name is Greg Brown, President and CEO of the companies.
Due to scheduling issues, there will not be a full video report this week and a shorter than normal text follows. We will have a full report next week.
In the big picture the data shows that while things remain severely depressed for the recycling and commodities markets, we have seen the worst of it and things are slightly better.
|Steel Prices – Wilson Scrap Metal Recycling|
Last week was Ferrous selling week. The good news is that prices were not down. The bad news is, that they were up only slightly in some areas. There have been more announcements of price increase by steel mills in the past week. This could be followed by upward pressure in scrap prices.
The continued low ferrous prices mean volumes in scrap yards are somewhat better than they were 6+ weeks ago, but they remain severely depressed causing reduced flows of obsolete scrap. Watch for more scrap yard closings, unless things change.
|Steel Production – 404 Maury St. S, Wilson, NC, 27893|
Steel production has stabilized, but was actually down a bit last week and is at a much lower level than last year. There is no help from one of the larger users of steel; the oil industry. The rig count fell yet again last week and is now at 668 rigs, almost 1,000 less than a recent year high of 1,609 in October 2014. This is having the effect that the OPEC wanted in that oil has now risen 8 weeks in a row. As U.S. slows production, prices are rising. The Obama administration is making few friends with the Middle East in that the U.S. is becoming the new OPEC. Our enormous production is now effecting global prices and keeping oil prices in line. The good news is the U.S. is not stopping and has for the first time is going to allow drilling in the Artic. More drilling, which is more supply, brings lower prices.
|Copper Prices – (252) 243-3586|
Copper, which is also known as Dr. Metal; the price of copper is an indicator of the health of the economy, is now at a 5 month high. A very positive sign. Of course at $2.93 on COMEX, it is much lower than the April 2011 high of $4.66, but it sure is better than $2.39 of some months ago.
The positive jobs report last week that drove the U.S. stock market to new highs is part of this positive news. Last week there was also more good news in Europe about their economy and the Chinese have cut interest rates to boost their economy. Silver linings in many places.
|Aluminum Prices – www.wilsonscrapmetalrecycling.com|
Aluminum, came down a bit, but is still near a multi month high and is higher than it was a year ago.
Copper prices were up last week in our North Carolina operations. Please call us at 919-828-5426 in Raleigh and 919-731-5600 in Goldsboro for prices. Prepared Steel is still being purchased for $6.25 per hundred pounds.
With that we hope all have a Safe and Profitable week. Tune in next week for the Commodity and Recycling report.