Global Economic, Scrap Metal, Commodities and Recycling Report

July 22, 2019

This is the Global Economic, Scrap Metal, Commodities and Recycling Report, by BENLEE Roll off Trailers and Lugger Trucks, July 22th 2019.

weekly tonnage of raw steel production

U.S. steel production rose to 1.867 Million tons, near a year 10-month low, despite a slow growth economy.

Crude Oil

Oil fell to $55.68/barrel, despite tensions in the Middle East which would normally increase prices. The slowing global economy is slowing demand for oil.

US Field Production of Crude Oil

U.S. oil production fell to 12M barrels per day, remaining high and trending up, on massive pumping from shale oil fields.

Iron Ore

Iron ore rose to $121.50/Ton, near the 5-year high, on good global demand and continued supply problems in Brazil.

AMM Weekly Heavy Melt

Scrap steel #1 HMS fell to $228.33/GT, a Multi-Year low, on the slow growth U.S. economy and continued global slowing.

Hot Roll Coil Steel

Hot roll coil steel rose to $28.36 on steel mill prices increases, due to the very high iron ore prices, not due to demand increases.


Copper rose to $2.74, near a 2-month high as growth hopes hit the markets and on lower interest rate expectations.


Aluminum rose to 83.2 cents, also remaining low, on markets looking for growth in the economy.


Repeating last week’s chart, Cardboard Scrap, OCC was steady in the South East at $35/Ton, the multiyear low on slow global demand.


Nucor Steel, the largest U.S. steel producer announced 2nd quarter profits dropped a huge 43% vs. last year, on lower volume and lower prices. Price was down 2%, but scrap and scrap substitutes were down a huge 12%, which is a positive for scrap going forward.

U.S. Housing Starts

June’s U.S. Housing starts fell to a seasonally adjusted annual rate of 1.25 Million, below the rate of the 1960’s, but 6.6% higher than last year. Lower Immigration, high prices and high student debt is hurting housing starts, despite low interest rates.

U.S. Industrial Production

June’s, U.S. Industrial production was flat vs. May, but manufacturing was up .4%, while Utilities were down. Importantly, factory production fell 2.2% in Q2, about the same fall as Q1.

U.S. Retail Sales

June’s U.S. Retail sales rose .4%, above market expectations. Vehicle sales and parts, rose .7%, building materials rose .5% and online purchases rose 1.7%, while gasoline sales fell on cheaper prices. Strong employment remains supporting the economy. Great News.

U.S. Consumer Confidence

July’s U.S. Preliminary Consumer Confidence rose to 98.4 an absolutely terrific number, as people view lower inflation being a help to future economic growth.

U.S. Initial Jobless Claims

U.S. Initial Jobless claims rose, but remains near historically low levels as economic growth continues.

Dow Jones

Wall Street’s Dow Jones Average fell 172 points to 27,160 due to concerns about no China trade resolution and global and U.S. slowing, but continued belief in Federal Reserve interest rate cuts in about a week.


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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.