Recycling, Scrap Metal, Commodities and Economic Report

This is the Commodities, Scrap Metal, Recycling and Economic Report, brought to you by BENLEE roll-off trailers, gondola trailers and roll-off truck parts, July 31st, 2023.

weekly tonnage of raw steel production

U.S. weekly raw steel production rose slightly to 1.741MT a 76.6% steel mill utilization rate vs, 78.1% last year. This was on the slow U.S. industrial economy.

Crude Oil

WTI crude oil price rose to $80.58/b, on improving Chinese demand. Production cuts by OPEC and steady U.S. production are causing tightening supplies. Tight supplies drive up prices. Note that the U.S. is now a major gasoline exporter.

Oil Rig Count

The U.S. weekly oil rig count fell to 529, the lowest in over 16 months. This was on increased productivity per well and a strategy to keep supplies tight to protect high profits.

US Field Production of Crude Oil

U.S. weekly crude oil production fell to 12.2Mb/d., in a tight range for over 14 months, Tight supplies are bringing higher prices, which keeps profits high. Note that China driving to cut oil use and increase coal.

AMM Weekly Heavy Melt

Scrap Steel #1 HMS price was steady at $310/GT, with mixed signals for August pricing.

Hot Roll Coil

Hot-rolled coil steel price rose slightly to $42.25/cwt., $845/T on slow demand, but signs of improvement.


Copper price rose to $3.93/lb., on hopes of Chinese economic stimulus. Also, with concerns over shortages.


Aluminum price rose to $1.01/lb., $2,231/mt on same hopes of increased demand, but also on increased Chinese production and increased Chinese Aluminum imports.

S&P Global U.S. July Manufacturing PMI

S&P Global U.S. July Manufacturing PMI rose to 49, ahead of estimates, but remember under 50 is contraction so contracting less. This was as new orders contracted less, on weak demand.

U.S. Federal Reserve Interest Rate

U.S. Federal Reserve interest rate. It rose .25% to 5.25% to 5.5%, a 22-year high. Higher interest rates are slowing the economy, which slows inflation. Lower oil/gasoline prices had helped lower inflation, but OPEC production cuts are a problem.

U.S. June PCE

U.S. June PCE, personal consumption expenditure price index. This is the Federal Reserve’s preferred measure of inflation. It fell to 2.97%, the lowest in about 2 years. Core PCE which excludes food and energy fell to 4.1%, which is high, but falling.


U.S. Q2 GDP which is economic growth. It was revised higher to 2.4%, well above forecasts. Consumer spending slowed, but fixed investment rose.

U.S. U of M July Consumer Sentiment Survey

U.S. U of M July consumer sentiment survey, rose to 71.6, the highest since October 2021. This was on continued slowing inflation and stable labor markets.

Dow Jones

Wall Street’s Dow Jones Industrial Average rose 231 points to 35,459 on lower inflation, good corporate earnings, and good GDP. Less people are forecasting a classic recession, which is still possible. Commercial real estate is in serious trouble, but the rest of the economy is pretty good.

Two Container Trailer

Roll-off dumpster trailer, two container roll off trailer. These hard to find two container roll off trailers are back in stock. Call BENLEE at 734-722-8100 for a quote.

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