Global Economic, Commodities, Scrap Metal, and Recycling Report

April 26, 2021

This is the Global Economic, Commodities, Scrap Metal and Recycling Report, by our BENLEE Roll off Trailer and Lugger Truck, April 26, 2021.

weekly tonnage of raw steel production

U.S. Weekly crude steel production rose to 1.77M GT, as steel mill utilization rose to 78. Steel mill production remains low, despite good demand, therefore bringing record high prices.

Crude Oil

WTI Crude oil price fell to $62.14/b., but remains high. Upbeat economic data, including high U.S. home sales are supporting prices. Asia COVID increases are holding down major increases in price.

Oil Rig Count

The U.S. Oil rig count fell to 343, still down 78.7% from 2014’s high. The rig count may not recover for years, if ever.

US Field Production of Crude Oil

U.S. Weekly oil production was steady at 11.0M/b/d off from February 2020’s record high of 13.1M. Lower prices and low demand are keeping production low.

Scrap Steel Price

Scrap Steel #1 HMS buying price Philly, rose to $345/GT on good demand. The lower dollar is supporting higher exports.

AMM Weekly Heavy Melt

Scrap steel #1 HMS was steady at $391.67/GT with upward price pressure for May on good supply and increasing demand.

Hot Roll Coil Steel

Hot roll coil steel rose to $71.69/cwt, yet another record high on good demand and tight supply.


Copper price rose to $4.33/lb. near a 10 year high on hopes of robust economic growth. Goldman Sachs forecast copper at $6.81/lb. by 2025.


Aluminum price rose to $1.07/lb. the highest since June 2018. There is strong demand and growing expectations of China shutting down some aluminum production to reduce emissions.

U.S. Dollar Index

U.S. dollar index, the dollar vs. other global currencies. Generally, when the U.S. dollar is low, commodities priced in U.S. dollars are high. The Index fell to about 90.8, the third week of losses. With low current U.S. interest rates, the U.S. dollar is a poor investment.

U.S. Weekly Initial Unemployment Claims

U.S. weekly initial unemployment claims felt to 547,000, the lowest level since March 2020. The economy continues to reopen on stimulus fueled growth.

U.S. March New Single Family Homes Sales

U.S. March new single family home sales. They jumped 20.7%, the highest since August 2006, from February’s low due to adverse weather. Home inventory for sale is low, down 7% from last year.

U.S. April IHS Manufacturing Index

U.S. April IHS manufacturing index rose to 60.6 a record growth of factory activity. This is despite capacity issues and ongoing sea port delays. Backlogs rose as did cost increases, including transportation costs.

Dow Jones

Wall Street’s Dow Jones Industrial Average fell 158 points to 34,043 remaining near the record high. Financials and transportation were strong. Future higher taxes were a damper. The Transportation index is at a record level which is a very, very positive growth indicator.

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


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