Global Economic, Commodities, Scrap Metal, and Recycling Report

June 21, 2021

This is the Global Economic, Commodities, Scrap Metal and Recycling Report, by our BENLEE Roll off Trailer and Lugger Truck, June 21st, 2021.

weekly tonnage of raw steel production

U.S. Weekly crude steel production fell to 1.834MT, an approximately 82.1% utilization rate, vs. 90%+ in 2008. Good demand with low production is bringing record prices.

Crude Oil

WTI Crude oil price rose to $71.64/b near a 2 year high on good demand with slight OPEC+ and U.S. production increases.

Oil Rig Count

The U.S. Weekly Oil rig count rose to 373, down 76.8% from 2014’s high. Higher prices and higher demand are raising the rig count.

US Field Production of Crude Oil

U.S. weekly crude oil production rose to 11.2M/b/d, still down 14.5% from 16 months ago. Good demand and low U.S. & OPEC+ production equals higher prices.

AMM Weekly Heavy Melt

Scrap steel #1 HMS price was steady at $461.67/GT, with mixed up and down price pressure, so July prices could be steady to slightly higher.


Copper price fell to $4.12/lb., a two-month low and a 7% drop for the week. China said it will release copper reserves to lower prices. COVID mine shutdowns brought copper inventories to a 15-year low, supporting higher prices.


Aluminum price fell to $1.087/lb., $2,396/mt, about a two-week low. China said it will also release aluminum reserves to lower prices. Tight inventories and robust demand is bringing more production.

Euro Area May Consumer Inflation

Euro Area May’s consumer inflation rose to 2% YOY, the highest since October 2019, but this is compared to the early COVID low. Energy was up 13.4%.

Canadian May Inflation

Canadian May inflation rose to 3.6%, vs. last year, but this is also compared to the early COVID low. Gasoline was up 44.4%.

U.S. Dollar Index

The U.S. dollar index, which is the U.S. Dollar vs. other global currencies, rose to the highest in 2+ months, which brings lower commodity prices. This was due to higher interest rate talk by the U.S. Federal Reserve and talk of cutting back quantitate easing, which is basically the government printing money. Why is this happening? Inflation is running too high.

U.S. May Retail Sales

U.S. May retail sales fell 1.3% vs. April, below forecast, but was up 28.1% vs. last year. This was the first decline in 3 months. Building materials and garden equipment fell 5.9%.

U.S. May Housing Starts

U.S. May housing starts rose to 1.572M annualized. This is high, but at the level of the 1960s, so there is major upside. Higher material costs and worker shortages are hurting housing starts.

U.S. May Industrial Production

U.S. May Industrial Production rose .8% vs. April, but is up 16.3% vs. last year. Manufacturing grew .9% led by motor vehicles. Mining rose 1.2% and utilities rose .2%.

Dow Jones

Wall Street’s Dow Jones Industrial Average fell 1,190 Points to 33,290, the worst week since October on mostly interest rate increase talk by the Federal Reserve for 2023 or earlier.


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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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