Global Economic, Commodities, Scrap Metal, and Recycling Report

October 26, 2020

This is the Global Economic, Commodities, Scrap Metal and Recycling Report, by our BENLEE Roll off Trailer and Gondola Trailer, October 26th, 2020.

weekly tonnage of raw steel production

U.S. Weekly crude steel production rose to 1.535 MT a multi-month high on continued U.S. & global growth.

Crude Oil

Crude Oil price fell to $39.85/b, remaining low, despite some demand increases and despite major U.S. and OPEC production cuts.

Oil Rig Count

The U.S. weekly Oil rig count rose to 211, down a staggering 86.9% from the 2014, as global markets are still flooded with oil.

US Field Production of Crude Oil

U.S. weekly crude oil production, imports and exports. Production fell to 9.9M/b/d, almost a 2-year low. Imports fell to 5.1M/b/d and exports rose 3.0M/b/d. Net 2.1M/b/d Imports into the U.S. See Production graph below.

Scrap Steel Price

Scrap Steel #1 HMS Export buying price Philly, rose to $225/GT on a slight increase in export demand.

AMM Weekly Heavy Melt

Scrap steel #1 HMS price was mostly steady at $244.33/GT with limited upward price pressure for November.

Hot Roll Coil Steel

Hot Roll Coil steel rose to $33.76/cwt on increased demand and low inventories, as upward price pressure remains.


Copper Price rose to $3.14/lb. and hit a multiyear high during the week. Increased copper prices are a very positive global indicator for future economic growth.


Aluminum price fell to 82.6 cents per pound, but near one a year high, on slow increases in global demand.

U.S. Annual Inflation

U.S. Annual Inflation rose 1.4%, the highest since March, but below Federal Reserve Target of average 2%. Used Cars and trucks were up 10.3% while energy was down 7.7%.

U.S. Total Jobs

U.S. Total Jobs has good news, with major growth ahead. Jobs remain down 11.3M from the November 2019 high and are now at the level of February 2016, 4.75 years ago, so huge upside.

U.S. Manufacturing Jobs

U.S. Manufacturing jobs has the same story with good news and major growth ahead. Manufacturing jobs remain down 705,000 from the August 2019 high, so they now at the level of March 2015, 5.5 years ago, so also huge upside.

U.S. Housing Starts

September’s U.S. Housing starts rose 1.9% to 1.415M annualized, triple April’s 2009 low, but below the level of 70 years ago. Single homes were up 8% while multi-family were down 16.3% driven by COVID lifestyle changes.

U.S. Sales Existing Homes

September’s U.S. Sales of existing homes jumped 9.4% to 6.54M annualized, a 14-year high, driven by low interest rates and people moving out of cities due to COVID. This is great news for future purchases of home furnishings.

U.S. IHS Composite Economic Index

October’s U.S. IHS Composite Economic Index increased to 55.5, the 4th month of expansion, which is great news. Manufacturing output rose the most in 21 months. Orders rose, job growth slowed and sentiment was the highest since May 2018.

Dow Jones

Wall Street’s Dow Jones Industrial Average fell 270 points to 28,226 as slow economic growth continues. Markets remain nervous as the COVID daily death hit record highs in some states and as the U.S. is moving from away from control of COVID, to focus on therapeutics and vaccines.

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