Recycling, Scrap Metal, Commodities and Economic Report

This is the Commodities, Scrap Metal, Recycling and Economic Report, brought to you by BENLEE roll trailers, gondola trailers and roll off truck parts, July 24th, 2023.

weekly tonnage of raw steel production

U.S. weekly raw steel production rose slightly to 1.716MT a 75.5% utilization rate vs. 78.1% last year. U.S. slowing manufacturing may be near the bottom.

Crude Oil

WTI crude oil price rose to $76.44/lb., as OPEC+ cuts continue. There are concerns over oil shortages in the 2nd half of 2023 when economies rebound.

Oil Rig Count

The U.S. weekly oil rig count fell to 530 the lowest in 16 months on higher productivity per well, combined with the efforts to keep supplies tight, but rigs could increase in the coming months.

US Field Production of Crude Oil

U.S. weekly crude oil production was steady at 12.3Mb/d, in a tight range for 14 months. U.S. companies are following OPEC’s lead in keeping supplies tight to maximize profits and shareholder returns.

AMM Weekly Heavy Melt

Scrap Steel #1 HMS price was steady at $310/GT, with mixed reports on prices for August.

Hot Roll Coil

Hot-rolled coil steel price fell to $41.38/cwt., $828/T on slowing U.S. manufacturing.


Copper price fell to $3.82/lb., on slower than expected growth in China, but concerns over shortages remain.


Aluminum price fell to $1.00/lb., $2,212/mt. on strong supply and weak demand in China.

China Q2 GDP

China Q2 GDP, economic growth. The economy grew at 6.3% vs last year, but that was under the forecast of 7.3%. Last year had lock downs, so this is not a great number. There is a record high youth unemployment of 21.3%.

Weekly Baltic Dry Index

Weekly Baltic Dry Index, which is the sea freight price index, a key economic indicator. It fell to 979 on slowing global growth, which helps lower inflation. The massive uptick in U.S. manufacturing construction sites will hurt this in future months.

U.S. June Industrial Production

U.S. June industrial production fell .42% vs. June last year. The last 100+ year average was 3.56% growth. Higher interest rates are clearly slowing the manufacturing economy.

U.S. June Retail Sales

U.S. June retail sales rose 1.49% over last year. This shows the consumer remains resilient, but this is not adjusted for the 3% inflation, so sales are down.

U.S. July NAHB-Wells Fargo Housing Index

U.S. July NAHB/Wells Fargo Housing Index, which is the sentiment of single-family home builders. It rose to 56, the highest since last year, but higher mortgage rate and elevated costs are hurting the index.

Dow Jones

Wall Street’s Dow Jones Industrial Average rose a big 719 points to 35,228, the longest daily win streak since 2017. This was on good corporate profits and the fairly strong U.S. consumer.


Roll off truck parts and roll off trailer parts. Buy them online or call us at 734-722-8100. Galbreath, Galfab, American Roll off Dragon and BENLEE all in stock. Roll off straps, rollers, sheaves, cylinders, and valves all ship the same day ordered. Pioneer, Roll Rite, Aero, U.S. Tarp, Donovan tarp systems and parts too!

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