Recycling, Scrap Metal, Commodities and Economic Report

This is the Recycling, Scrap Metal, Commodities and Economic Report, May 4th, 2026, produced by BENLEE Roll off trailers to support our customers, suppliers, and partners.

U.S. weekly raw steel production fell to 1.83MT down 1% from last week but up 6% year to date on 79.3% capacity utilization. This was on the slow growth economy and the 50% steel tariff protection.

Crude oil WTI price rose to $101.94/b up 60% since the war started. Close to 20% of global oil is being blocked by the closed Strait of Hormuz. Not show here, the National average of Gasoline was $4.45/gal yesterday up from $3.10/gal a year ago.

U.S. weekly crude oil production rose slightly to 13.585Mb/d as U.S. producers are considering higher production. This was on record U.S. crude oil exports and high prices.

The U.S. weekly crude oil rig count rose slightly to 408 on significantly higher oil prices and record U.S. crude oil exports as said earlier.

Scrap steel #1 HMS price composite was steady at $368.33/GT on good export demand and good prices.

Hot-Rolled coil steel price rose to $56.60/cwt, which is $1,132/T up 30% in the past 12 months on the 50% steel tariff protection. This is great for steel company profits and stock prices, but it is inflationary.

Copper price fell to $5.96/lb., remaining very high. This was on expanding Chinese manufacturing as Commerzbank believes high prices will hurt further upside.

Aluminum price fell to $1.60/lb, which is $3,518/mt remaining high on the possible prolonged closing of the Strait of Hormuz. Surging natural gas prices are raising the cost of aluminum production.

U.S. March core PCE inflation index which excludes volatile food and energy. This is the Federal Reserve’s preferred measure of inflation. It rose to 3.2% well above the 2% target. Total PCE rose .7% for the month which is 8.4% annualized driven by gasoline.

U.S. March durable goods orders for U.S. manufactured goods rose by .8% from February. Al drove orders up sharply for computers and electrical goods.

U.S. April ISM manufacturing purchasing managers’ index was unchanged at 52.7 matching the high since August 2022. New orders and production expanded as employment fell. 31% of managers were positive while 69% were negative.

U.S. Q2 2026 GDP economic growth expanded at 2.0%, below the 2.3% expectation. AI data centers surged as consumer spending fell. The negative trade balance hurt GDP as exports rose 12.9% but imports surged 21.4%.

U.S. weekly initial jobless claims fell to 189,000 the lowest level since 1969, 57 years ago. The economy remains in a low hire, low fire mode.

Wall Street’s Dow Jones Industrial Average rose 52 points to 49,499 as the broader index the S&P 500 hit a new high. U.S. oil companies and technology stocks rose.

This report is brought to you by BENLEE Roll-off trailers, Roll off trucks, Gondola Trailers, Lugger Trucks, Roll-off trailer parts, Roll-off truck parts and dump truck and trailer parts. This is Greg Brown reporting.

As always, feel free to call or email me with any questions, and we hope all have a safe and profitable week.