Recycling, Scrap Metal, Commodities and Economic Report

This is the Commodities, Scrap Metal, Recycling and Economic Report, October 30th, 2023.

weekly tonnage of raw steel production

U.S. weekly raw steel production rose slightly to 1.703MT on slow U.S. industrial production.

Crude Oil

WTI crude oil price fell to $85.02/b, on conflict in the Middle East and OPEC+ (Which is OPEC and other countries including Russia and Mexico) production cuts that are keeping prices high.

Oil Rig Count

The U.S. Weekly oil rig count rose to 504, as high prices and financial discipline are bringing slight growth.

US Field Production of Crude Oil

U.S. weekly oil production was steady at 13.2Mb/d, an all-time record in American history. The U.S. remains the #1 crude oil producer in the world.

AMM Weekly Heavy Melt

Scrap steel #1HMS price was steady at $330/GT on slow global demand. There is no clear price direction for November.

Hot Roll Coil

Hot-rolled coil steel price rose to $39.56/cwt, $791/T. This was on the auto tentative settlement at Ford and Stellantis, which is Chrysler/RAM/Dodge.


Copper price rose to $3.64/lb., on China stimulus and good U.S. consumer spending.


Aluminum price rose to $1.01/lb., $2,231/MT., on Chinese stimulus and lower Chinese production.

U of M October Consumer Sentiment Index

U of M October Consumer Sentiment Index was revised higher to 63.8, but still down on deteriorating business conditions and concerns over personal finances.

U.S. September Core PCE

U.S. September Core PCE, personal consumption index, a measure of inflation. It fell to 3.7% year over year, but was up .3% vs. August. Inflation is still well above the 2% target, but is improving.

U.S. October Manufacturing PMI

U.S. October Manufacturing PMI rose to 50, the highest in 6 months and the end of contraction. Lead times improved and slowing demand was close to stabilizing.

U.S. September New Orders Durable U.S. Manufactured Goods

U.S. September new orders for durable U.S. manufactured goods. They surged 4.7%, the biggest increase in over three years. Transportation, computers, and electronics drove the increase.

U.S. Q3 Gross Domestic Product

U.S. Q3 Gross Domestic Product, which is economic growth grew an outstanding 4.9% on strong consumer spending on housing, utilities, and health care. Also, on exports that soared 6.2%, including major oil and gas exports.

Dow Jones

Wall Street’s Dow Jones Industrial average fell 709 points to 32,418 on the great Q3 growth and many economic positives. That great news could bring higher for longer interest rates to slow the economy.

Container Wheels

Rollers for roll off boxes, container rollers now at BENLEE. Ground rollers and nose rollers in stock. Order online or call 734-722-8100 to order. Ship the same day at great prices.

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