Global Economic, Commodities, Scrap Metal, and Recycling Report

June 1, 2020

This is the Global Economic, Commodities, Scrap Metal and Recycling Report, by our BENLEE Roll off Trailer and Gondola Trailer, June 1st, 2020.


Covid-19 Update. Forecasted U.S. deaths fell to 135,109 through Aug 4th, with the stated reason being Masks and distancing work better than expected. A shocking 104,383, are now dead in 13 weeks, meaning COVID deaths in 13 weeks equal more than the entire population of Boulder Colorado. Good news is, there now more than 10 vaccines in human trials, which is record timing for vaccines.

weekly tonnage of raw steel production

U.S. weekly steel production rose to 1.191M Tons, as U.S. Manufacturing slowly reopens.

Crude Oil

Oil price rose to $35.49/b and is $35.30/b this morning, the highest in months as demand is up, but OPEC and U.S. production cuts are increasing.

US Field Production of Crude Oil

The U.S. Oil rig count fell to 222, a decade plus low, down 86% from 2014, on low prices and the OPEC, U.S. deal to cut production so as to raise prices.

Oil Rig Count

U.S. weekly oil production fell to 11.4M/b/d, down 1.7M/b/d in just 10 weeks, despite major demand and price increases. Huge job losses in the drilling industry.

Iron Ore

Iron ore rose to $101.50/T, the highest in months as global steel mills come online.

AMM Weekly Heavy Melt

Scrap Steel No. 1 HMS export buying price Philadelphia, was steady at $195/GT, but there is clear upward price pressure for June.

Scrap Steel Price

Scrap steel #1 HMS price was steady $202.67/GT, but there is the same upward price pressure for June on limited supply and a small demand increase.

Hot Roll Coil Steel

Hot Roll Coil steel fell to $25.18/Hundred on small demand increases, as manufacturing slowly reopens.


Copper rose to $2.44/lb., and is $2.44 this morning. Copper price is a major economic indicator, so this is Great news. Note though the economy had been declining about 20 months pre COVID.


Aluminum rose to 66.4 cents per pound, on the same global economy restarting.

China Caxin Manufacturing Index

May’s Chinese Caxin Manufacturing index rose to 50.7, the highest since January. Output grew the most since January 2011, as demand was subdued due to low export orders. Overall very good news for the global economy.

U.S. 1st Q GDP

U.S. 1st quarter GDP, which is economic growth, fell 5%, but had been estimated at -4.8%. 2nd Q will be horrific, and 3rd quarter could be up a historic level. Note though, the economy was slowing pre COVID, not accelerating.

U.S. Personal Spending

April’s U.S. Personal spending, see the thin line on the right, plunged 13.6%, worse than forecasted and the largest decline on record. Food, beverage and healthcare all decreased.

U.S. Weekly Unemployment Claims

U.S. weekly unemployment claims for years were 200,000 to 300,000 per week. Last week’s claims were 2.123 Million, now about 41M in 10 weeks. The good news is the rate of loss is slowing.

U.S. Consumer Sentiment

May’s U.S. consumer sentiment was revised lower, but still rose a bit to 73.7. Feelings were revised lower on current economic conditions as future inflation expectations rose to 2.7%/year

U.S. Household Savings Rate

April’s U.S. Household savings rate, see the thin line on the right, skyrocketed to 33% an all-time record which is very positive for future economic growth.

Dow Jones

Wall Street’s Dow Jones Average rose 918 points to 25,383 as the economy is reopening, but U.S. China trade problems and the U.S. Riots concern markets.

Roll off Trailer-Truck Replacement

STOP if you are ready to buy a roll off truck. Save $125,000 or more and buy a 25’11’ Super Mini roll off trailer. Yes only 25’ 11”. At only $48,975+ FET, it is short as a truck with a day cab and is more, not less maneuverable than a roll off truck.

As always, feel free to call, or email me with any questions. Importantly, we hope you, your family, friends and employees stay safe.