Global Economic, Commodities, Scrap Metal, and Recycling Report

Noovember 9, 2020

This is the Global Economic, Commodities, Scrap Metal and Recycling Report, by our BENLEE Roll off Trailer and Gondola Trailer, November 9th, 2020.

weekly tonnage of raw steel production

U.S. Weekly crude steel production rose to 1.557 M Tons, as slow U.S. and global growth continues.

Crude Oil

Crude Oil price rose to $37.14/b on continued slow global growth.

Oil Rig Count

The U.S. weekly Oil rig count rose to 226, the highest in months, but still down a huge 86% from the 2014 high, as growth continues slowly.

US Field Production of Crude Oil

U.S. weekly crude oil production, fell to 10.5M/b/d, near a 10-month low as slow global growth continues.

Scrap Steel Price

Scrap Steel #1 HMS Export buying price Philly was steady at $225/GT on a good balance of supply and demand.

AMM Weekly Heavy Melt

Scrap steel #1 HMS price was steady at $244.33/GT on limited upward price pressure.

Hot Roll Coil Steel

Hot Roll Coil steel rose slightly to $34.43/cwt with slowing U.S. and global growth and with the COVID deaths at record levels in areas.


Copper Price rose to $3.15/lb. near the multiyear high on China’s ban of Australian copper imports.


Aluminum price rose to 85.3 cents per pound an 18-month high on China’s increase in demand.


October’s cardboard scrap OCC SE was steady at $70/T on a slow growth in Global demand.

Eurozone PMI Index

October’s Eurozone PMI Index, note the Eurozone is about the size of the U.S. economy. The Index rose to 54.8, the steepest expansion since July 2008 as output accelerated to a 2.5 Yr. high, but COVID deaths are up and accelerating.

Canadian New Jobs

October’s Canadian New Jobs Fell to 83,600, from 378,000 in September, as self employed increased for the first time since COVID and as growth stalled in transportation, warehousing and construction.

U.S. New Jobs

October’s U.S. new jobs fell to 638,000, which is big, but the smallest gain since the recovery started. The biggest gains were in leisure, hospitality, services, retail and construction. Jobs remain a serious problem. Over 22 Million jobs were lost with COVID and only 12M have been recovered.

GU.S. Unemployment Rate

October’s U.S. unemployment rate fell to 6.9%, which is great and shows a great Trend, but the government’s own data says it is really about .3% higher, so really 7.2%. The Upside is great, as jobs come back.

U.S. Total Vehicle Sales

October’s U.S. total vehicle sales fell to 16.2M annualized, which is good, but off the 2017-2018 Highs. Some vehicles are in short supply which is hurting sales.

U.S. Federal Reserve Rate

The U.S. federal reserve rate was kept at 0 to .25% with a commitment to keep interest rates low. The Fed will increase holdings of treasuries and mortgage backed securities to sustain smooth markets and help foster accommodating financial conditions. They warned COVID will weigh on economic activity and poses a considerable economic risk.

U.S. IBD Economic Optimism Index

October’s U.S. IBD Economic Index rose to 55.2, the highest since February. People felt positive about personal finances and federal policies. Feeling on polices had its biggest jump since 9/11 and the 6-month outlook soared.

Dow Jones

Wall Street’s Dow Jones Industrial Average rose 1,822 to 28,323, the best week since April due to expectations that the presidential race was over and on an OK new jobs report. This was dampened buy COVID deaths and hospitalizations are at record levels in some states.

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