Recycling, Scrap Metal, Commodities and Economic Report

This is the Recycling, Scrap Metal, Commodities and Economic Report, June 1st, 2026, produced by BENLEE Roll-off trailers to support our customers, suppliers, and partners.

U.S. weekly raw steel production fell slightly to 1.87MT down 1.5% from last week and up 6.7% year to date with 81% capacity utilization. This was on the 50% steel tariff protection, good AI data center demand, and the slow growth economy.

Crude oil WTI price fell to $87.36/b. on reports of the U.S. and Iran reached a preliminary deal. Analysts are warning that the recovery of oil flows will likely be slow. Note that there will be a dramatic price increase in oil prices in about a month if there is no Iran deal as inventories bleed down.

U.S. weekly crude oil production rose to 13.715Mb/d., remaining high, on higher prices and great U.S. crude oil exports.

 

The U.S. weekly crude oil rig count rose to 429 on probably higher for longer oil prices due to tight supplies. This allows the U.S. to produce more oil without causing lower prices.

Scrap Steel #1 HMS Price Composite was steady at $365/GT on a good balance of supply and demand.

Hot-Roll Coil steel price rose to $59.60/cwt., which is $1,190/T. This was on the 50% steel tariff protection that is allowing steel mills to raise prices.

Copper Price fell to $6.39/lb, but remains very high on AI data center expansion ad the global clean energy transition.

Aluminum price fell slightly to $1.67/lb, which is $3,675/MT on hopes to reopen the Strait of Hormuz. Also, as Guinea announced export controls of bauxite that is used to make aluminum.

U.S. April PCE a key inflation index rose 3.8% year-over-year, the highest in three years. Autos, financial services, and clothing fell as gasoline, housing, utilities, and food increased.

U.S. April goods trade deficit narrowed to $84.4B as exports surged 4% and imports rose 1.9%. Capital and consumer goods drove exports as capital goods also drive imports.

U.S. Q1 GDP, gross domestic product, which is the economic growth rate. The economy grew 1.6%, down from the 2.0% estimate. Investments and consumer spending rose less than estimated. Business investment in equipment surged as net trade was worse.

U.S. April personal spending increased .5% from March. Gasoline and other energy surged as food also rose. Housing and utilities also rose as overall inflation adjusted spending fell.

New orders of April U.S. manufactured durable goods jumped by 7.9%, the strongest in a year. This was led by non-defense aircraft. But non-defense capital goods, excluding aircraft, which is a proxy for business spending, actually fell 1.1%

Wall Street’s Dow Jones Industrial Average rose 183 points to 51,033 a new record high. The rise was due AI explosive growth, hopes of a Middle East deal and earnings growth. High stock prices are supporting high net worth people’s spending.

This report is brought to you by BENLEE roll-off trailers, Roll off trucks, gondola trailers, lugger trucks, 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.