Global Economic, Commodities, Scrap Metal, and Recycling Report

Noovember 23, 2020

This is the Global Economic, Commodities, Scrap Metal and Recycling Report, by our BENLEE Roll off Trailer and Lugger Truck, November 23rd, 2020.

weekly tonnage of raw steel production

U.S. Weekly crude steel production rose to 1.580MT on continued slow U.S. economic growth. The increased U.S. COVID death rate, could slow this trend.

Crude Oil

Crude oil price rose to $42.17/b a multi month high, on strong Chinese demand, but weak U.S. and European demand. Long term prospects remain ugly for oil as renewables grow.

Oil Rig Count

The U.S. weekly Oil rig count fell to 231, down 85.6% from the 2014 high, due to low prices and low demand.

US Field Production of Crude Oil

U.S. weekly crude oil production, rose to 10.9Mb/d, off the recent low, but demand and price remain depressed.

Scrap Steel Price

Scrap Steel #1 HMS Export buying price Philly rose to $235/GT, a multi-month high, as global demand is up and there is a weak dollar, which makes buying U.S. products cheaper for other countries.

AMM Weekly Heavy Melt

Scrap steel #1 HMS price was steady at $249.33/GT as upward pressure remains on the same global demand being up, helped by the weak U.S. Dollar.

Hot Roll Coil Steel

Hot roll coil steel rose to $36.90/cwt, near a multiyear high, as demand slowly increases and on higher scrap prices.


Copper Price rose to $3.29/lb. a 6.5 year high, which is a great positive economic indicator, driven by strong Chinese demand and positive vaccine news, helped by a weak dollar, due to U.S. COVID deaths are increasing.


Aluminum price rose to 89.6 cents a multiyear high on the same issues as copper, especially the weak dollar.

Canadian Inflation Rate

Canada’s October inflation rate rose to .7% annualized, well below 2.2% pre COVID. Food was up 2.3% and clothing fell 4%.

China Industrial Production

China’s October industrial production rose 6.9% vs. last year. Manufacturing was up 7.5%, utilities were up 4%, with machinery up 17.6% and ferrous metals up 11.2%.

U.S. Industrial Production

The U.S.’s October Industrial production fell 5.3% vs. last year, a major difference from China that we just discussed. Manufacturing was down 3.9%, mining down 14.4% and Utilities down 3%.

U.S. Industrial Production 10 Year

Here is the same U.S. Industrial production, now looking over the past 10 years. October was the 14th straight month of falling activity. Note the tax cut peak in mid-2018.

U.S. Dollar Index

The U.S. Dollar index vs. other countries’ currencies fell to 92.4, near a multiyear low, on increased U.S. COVID deaths and record hospitalizations, which is causing short term disruptions, but the Vaccine is coming.

U.S. Initial Unemployment Claims

U.S. Initial unemployment claims rose to 742,000 and 320,000 self-employed, so 1.06M total. The trend is down, but under 300K is key for good economic growth.

U.S. Home Builders Market

The U.S. home builders’ market sentiment index for November rose to 90, an all-time high, which is a great positive future economic indicator, great for jobs and great for retail and manufacturing.

Dow Jones

Wall Street’s Dow Jones Industrial average fell 217 points to 29,263, but it is still near the record high, on great positive vaccine news, but U.S. COVID deaths are accelerating. The Calvary, the vaccine, is on its way, but very sadly there will be an estimated 215,000 more U.S. deaths by March 1st.

As always, feel free to call, or email me with any questions and we hope all stay safe in these very difficult next 6 months.


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