Recycling, Scrap Metal, Commodities and Economic Report

This is the Commodities, Scrap Metal, Recycling and Economic Report, February 12th, 2024.

weekly tonnage of raw steel production

U.S. weekly raw steel production rose to 1.7MT on slow manufacturing, but manufacturing could be close to the bottom.

Crude Oil

WTI crude oil price rose to $76.84/b., on Middle East tensions and good U.S. demand.

US Field Production of Crude Oil

U.S. weekly crude oil production rose to 13.3Mb/d, matching the recent all time record in U.S. history. The U.S. is the #1 energy exporter, yes exporter in the world and yes more than Saudia Arabia. This is when we combine huge U.S. exports of crude oil, liquified natural gas, LNG, and importantly refined crude products like gasoline.

Oil Rig Count

The U.S. weekly oil rig count was steady at 499 great productivity per well and slow increases in production.

Natural Gas Futures-Price

Natural gas futures price, fell to $1.82/MMBtu, the price of the 1980s. The U.S. is the largest global producer and exporter of Natural gas. These low prices are helping lower electrical utility prices and lower U.S. inflation.

AMM Weekly Heavy Melt

Scrap steel #1 HMS price was steady at $380/GT on a good balance of supply and demand.

Hot Roll Coil

Hot-roll coil steel price fell to $46.72/cwt., $934/T on moderate demand with good supply.


Copper price fell to $3.67lb., on pessimistic sentiment of Chinese industrial production.


Aluminum price fell to $1.00/lb., $2,216/mt on increased concerns over Chinese slowdown in demand and but also continued calls by some Economic Union members to stop E.U. Russian Al imports.

China’s January Consumer Prices

China’s January Consumer Prices fell .8% over last year, the most in 14 years. This is good news for the U.S. as China’s low prices help the U.S., as China exports lower prices to the U.S.

U.S. February Real Clear-TIPP Economic Optimism Index

U.S. February Real Clear/TIPP Economic Optimism Index fell to 44, but well above recent lows. Current feelings about finances fell, but the consumer six month economic outlook improved.

U.S. January Logistics Manager’s Index

U.S. January Logistics Manager’s Index, which is a measure of inventory levels, transportation prices, and warehousing costs and capacity. It increased to 55.6 the highest point in three months. This was the first time in 4.5 years that every measure improved.

U.S. December Month Over Month Inflation

U.S. December month over month inflation, was revised lower to .2%, 2.4% annualized, from .3%. This good news was a partial reason that drove stocks higher.

Dow Jones

Wall Street’s Dow Jones Industrial Average rose 18 points to 38,672, near a record high. The S&P 500, a broader stock index hit a new high as your 401Ks were higher too! This was on more evidence that inflation was slowing in the U.S. and globally.

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Greg & Nancy

This report is brought to you by BENLEE roll off trailers, gondola trailers, lugger trucks and roll off trailer parts. This is Greg Brown reporting from Thailand.

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