Recycling, Scrap Metal, Commodities and Economic Report

This is the Commodities, Scrap Metal, Recycling and Economic Report, November 13th, 2023.

weekly tonnage of raw steel production

U.S. weekly raw steel production fell to 1.699MT on slowing U.S. manufacturing.

Crude Oil

WTI crude oil price fell to $77.17/b., on the slowing increase in global demand. This was on record U.S. oil production, record U.S. petroleum exports, but OPEC+ production cuts. 40% of October Chinese new car sales were electric, so less OPEC, Russian and U.S. oil imports, which lowers prices.

Oil Rig Count

The U.S. weekly oil rig count fell to 494 on higher productivity per well and disciplined production. Too high production brings lower prices and lower profits.

US Field Production of Crude Oil

U.S. weekly oil production was steady at 13.2Mb/d., for the 4th week, remaining at a record high. The U.S. remains the #1 global oil producer and #1 global energy exporter of petroleum and natural gas. The U.S. became a net petroleum exporter in 2020 and continues expanding net exports.

AMM Weekly Heavy Melt

Scrap steel #1HMS price was steady at $330/GT, as supply and demand remain in balance.

Hot Roll Coil

Hot-rolled coil steel price rose to $45.12/cwt., $902/T on slowing demand, but steel mill margin expansion.


Copper price fell to $3.60/lb., on slow global demand increases and somewhat tight supply.


Aluminum price fell to $1.01/lb., $2,224/mt on slow demand and continued slowing Chinese production.

U Of M November Consumer Sentiment Survey

U of M November consumer sentiment survey, fell to 60.4, the lowest in 6 months on concerns over high interest rates, inflation and the wars in Ukraine and the Middle East.

Jerome Powell Chair Of The Federal Reserve Speech

Jerome Powell the Chairman of the Federal Reserve gave a speech. He said. “we are not confident that the Fed’s benchmark rate is high enough to steadily reduce inflation to 2%”. Currently the benchmark rate is at a 22 year high of 5.25 to 5.5%.

U.S. Weekly Unemployment Claims

U.S. weekly unemployment claims fell slightly to 217,000, near a 7 week high. Continuing claims rose to 1.83M, the highest since April. This bad news is good news. More unemployment brings less inflation.

U.S. September Trade Deficit

The U.S. September trade deficit widened, meaning it became worse to $61.5B but the third best since 2021. Exports of crude oil, jet fuel, gasoline increased while imports of cell phone, cars and household goods increased as well.

U.S. October Logistics Managers’ Index

U.S. October Logistics Manager’s Index, which is warehouse prices, capacity, inventory levels and transportation prices. It increased to 56.5, the strongest since January. Warehouse pricing increased, while transportation prices fell the least since September 2022.

Dow Jones

Wall Street’s Dow Jones Industrial average rose 222 points to 34,283 as Moody’s the major credit agency cut the U.S. government’s debt rating to negative on the growing government deficits. Deficits have sky rocketed for the past 6 years. The market also likes that there is probably no 2024 recession coming.

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This report is brought to you by BENLEE roll off trailers, gondola trailers, lugger trucks and roll off trailer parts.

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