Recycling, Scrap Metal, Commodities and Economic Report

This is the Commodities, Scrap Metal, Recycling and Economic Report, November 6th, 2023.

weekly tonnage of raw steel production

U.S. weekly raw steel production rose slightly to 1.707MT, on slowing U.S. manufacturing.

Crude Oil

WTI crude oil price fell to $80.57/b., a big drop for the week, but still high. This was on slowing U.S. and China manufacturing.

Oil Rig Count

The U.S. weekly oil rig count fell to 496, near a two year low as U.S. drillers remain disciplined to only have slight production increases. Higher drilling brings lower prices and lower profits.

US Field Production of Crude Oil

U.S. weekly oil production was steady at 13.2Mb/d the all-time record it hit last month. The U.S. is the largest oil producer in the world and one of the largest global oil exporters. Great news for the U.S. economy and improves our negative balance of trade.

AMM Weekly Heavy Melt

Scrap steel #1HMS price was steady at $330/GT, with only slight upward pressure. Prime grades, bush have more upward pressure.

Hot Roll Coil

Hot-rolled coil steel price rose to $42.81/cwt., $856/T despite slow demand. This was on raw material increases as mills work to increase prices.


Copper price rose to $3.67/lb., the highest in a month, on forecasts of robust demand and on short supply concerns.


Aluminum price rose to $1.02/lb., $2,257/MT on continued short supply concerns and uncertain demand.

China October Caxin

China October Caxin general manufacturing Purchasing managers’ index fell to 49.5 with under 50 being contraction. This hurts commodity prices. Foreign sales declined for the 4th month in a row.

Sentiment hit a one year low as employment fell.

U.S. October ISM Manufacturing PM Index

U.S. October ISM manufacturing Purchasing manager’s index, fell to 46.7 with under 50 being contraction. This was the 11th consecutive month of contraction. Back orders, new orders and employment all fell.

U.S. October Average Hourly Earnings

U.S. October average hourly earnings. They rose 4.1% vs last October, the smallest increase in over 2 years. The tight labor force is still bringing big increases, but less inflationary.

US Non Farm Payrolls

U.S. non-farm payrolls, the New jobs report, fell to 150,000 and previous months were revised down. Health care rose the most and manufacturing fell mainly due to the auto strike.

U.S. October Unemployment Rate

U.S. October unemployment rate rose to 3.9%. The federal reserve somewhat likes this bad news. Higher unemployment takes the pressure off increasing salaries, so less inflation.

Dow Jones

Wall Street’s Dow Jones Industrial average rose a huge 1,643 points to 34,061. This was on the slowing new jobs reports and slowing U.S. manufacturing. That bad news is good news to the federal reserve because it brings lower inflation.

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