Recycling, Scrap Metal, Commodities and Economic Report

This is the Commodities, Scrap Metal, Recycling and Economic Report. Brought to you by BENLEE roll off trailers, gondola trailers and roll off truck parts, January 30th, 2023.

weekly tonnage of raw steel production

U.S. weekly raw steel production rose slightly to 1.62MT on the slowing U.S. economy.

U.S. Dollar Index

U.S. Dollar index. The U.S. dollar vs. other global currencies. When the U.S. dollar falls, commodities priced in U.S. dollars rises. It fell to 101.9, so bringing higher commodity prices. Lower U.S. inflation slows interest rate hikes, which hurts the U.S. dollar.

Crude Oil

WTI crude oil price fell to $79.68/b. but remaining pretty high. This was on an OK U.S. economy and good oil demand, while OPEC and the U.S., maintaining oil tight supplies.

Oil Rig Count

The U.S. weekly oil rig count fell to 609 as oil companies and OPEC are in a great sweet spot of low production, bringing good prices and record profits.

US Field Production of Crude Oil

U.S. weekly crude oil production was steady at 12.2Mb/d> Increased U.S. output that was discussed is not yet happening. High production brings low prices, that brings corporate losses. That is horrific for company stock prices and hurts shareholders.

AMM Weekly Heavy Melt

Scrap steel #1 HMS price was steady at $335/GT. Increased supply could limit a February possible increase. Export demand is being helped by the weaking dollar.

Hot Roll Coil

Hot-rolled coil steel price rose to $38.47/cwt., $769/T on OK demand, but with steel company lower production.


Copper price fell slightly to $4.23/lb., remaining high. This was on strong Chinese growth and supply problems from Peru.


Aluminum price rose to $1.18/lb., $2,602/mt., on strong Chinese demand and low inventories.

January S&P Global

January S&P global U.S. Manufacturing purchasing manager’s index. It rose to 46.8, but under 50 is contraction. Contraction in factory activity was the second fastest since May 2020. Output contracted as new orders dropped and there were some workforce cuts.

U.S. December Pending Home Sales

U.S. December pending home sales rose 2.5% vs November, the first rise since May. The Federal Reserve hates this. They want slower sales. Year on year pending sales were down 33.8%.

U.S. December Core PCE

U.S. December Core PCE, Personal Consumer Expenditure Index. This is the Federal Reserve’s preferred gauge of inflation. It rose 4.4% vs last year, the lowest in about 15 months. Goods were up 4.6% and services were up 5.2%.

U.S. Q4 Growth Rate GDP

U.S. Q4 growth rate, GDP. The economy grew at 2.9% annualized, which is faster than trend. The Federal Reserve’s higher interest rates are not yet totally slowing the economy. They want to slow the economy to lower inflation.

U.S. January U of M Consumer Sentiment Index

U.S. January, U of M consumer sentiment index was revised higher to 64.6. Future expectations were revised higher, while current conditions were revised lower as inflation expectations were also revised lower.

Dow Jones

Wall Street’s Dow Jones Industrial Average rose 602 points to 33,978. Lower personal spending is helping lower inflation. Lower inflation is slowing the rate of interest rate increases.

Gondola Scrap Hauler

Gondola trailers, open top trailers, scrap haulers are back in stock. 48’ x 8’ high walls in black. Of course, we can build custom lengths and heights. Call us at 734-722-8100 for a quote.

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