Recycling, Scrap Metal, Commodities and Economic Report

This is the Recycling, Scrap Metal, Commodities and Economic Report, April 8th, 2024.

weekly tonnage of raw steel production

U.S. weekly raw steel production rose slightly to 1.72MT on continued slow U.S. Manufacturing.

Crude Oil

WTI crude oil price rose to $86.78/b. on OPEC production cuts, good demand, and global tensions. Cuts reduce supply, bringing the higher prices, which is great for wall street oil company stocks, but bad for inflation.

US Field Production of Crude Oil

U.S. Weekly crude oil production was steady at 13.1Mb/d, near the all-time record. The U.S, may slowly continue to raise production.

Oil Rig Count

U.S. Weekly oil rig count increased to 508 well off the highs, but near record production with great productivity per well.

AMM Weekly Heavy Melt

Scrap steel #1 HMS price was steady at $325/GT, so no change for April, on a good balance of supply a demand.

Hot Roll Coil

Hot-roll coil steel price fell to $41.81/cwt., $836/T on continued slow U.S. Manufacturing.


Copper price rose to $4.24/lb., a 14 month high. This was on a weak dollar and supply concerns from the Congo and Zambia. Also, on increased Chinese demand, but reduced Chinese smelting, to cut supply, to improve margins.


Aluminum price rose to $1.11/lb., $2,456/mt on the same weak U.S. dollar and supply concerns from Guinea. Aso on the same increased Chinese demand, but reduced Chinese smelting due to the dry season, bringing less hydroelectric power.

U.S. March ISM Manufacturing PM Business Confidence Index

U.S. March ISM Manufacturing PM Business confidence index. It increased to 50.3, the 1st manufacturing expansion after 16 months of contraction. New orders increased, export orders rose and production levels increased, but employment declined and prices rose driven by higher commodity prices.

U.S. March New Jobs Report

U.S. March new jobs report. Added 303,000 jobs the most in 10 months, well ahead of the 200,000 forecast. More people working makes the economy better. People pay taxes vs. taking benefits. Record 401Ks and record Wall Street stock prices have people feeling richer. They then spend more money so then we need more workers.

U.S. March Unemployment

U.S. March Unemployment. It fell to 3.8% the longest stretch of under 4.0% in over 50 years. We are in a good growth economy with still a tight labor supply. Record high wages is bringing people back into the workforce.

U.S. March Total Employment

U.S. March total employment rose to 158.1M the highest ever in American history. We have the fastest economic growth of any industrialized county. Also, the U.S. boarder is a big problem, but millions of people that came are in fact working.

U.S. March Labor Rate Increase

U.S. March labor rate increase. The increase fell to 4.1% compared to last year. Millions of immigrants are starting their 1st jobs, which helps lower labor increases, but it is great that labor increases have been faster then inflation for the past 11 months.

Dow Jones

Wall Street’s Dow Jones industrial average fell a big 896 points to 38,901 on concerns of a delay over lowering interest rates. The good jobs report and good manufacturing data together means the economy is too good. That brings higher inflation, and slows the Federal Reserve from lowering interest rates.


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This report by Greg Brown is brought to you by BENLEE roll off trailers, gondola trailers, crushed car trailers, lugger trucks, roll off trailer parts and roll off truck parts.

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