Global Economic, Commodities, Scrap Metal, and Recycling Report

September 14, 2020

This is the Global Economic, Commodities, Scrap Metal and Recycling Report, by our BENLEE Roll off Trailer and Open Top Trailer, September 14th, 2020.

weekly tonnage of raw steel production

U.S. Weekly steel production rose to 1.428MT a multi month high as the U.S. Economy continues its slow growth.

Crude Oil

Crude Oil price fell to $37.33/b a multi-month low on slow demand increases, good supply and high inventories.

Oil Rig Count

The U.S. Oil rig count fell to 180 near a 10-year low, down a huge 88.8% from the 2014 high. This is a massive loss of high wage jobs.

US Field Production of Crude Oil

U.S. weekly oil production fell to 10.3b/d, a 2.5 year low on the same slow demand increases and high inventories. The U.S./OPEC cuts have not been enough to get to $60/b or more.

Scrap Steel Price

Scrap Steel #1 HMS Export buying price Philly, rose to $225/GT a multi month high on increased global & U.S. demand.

AMM Weekly Heavy Melt

Scrap steel #1 HMS price settled at $245/GT a multi month high on increased U.S. and global demand. Supply is up, so October upward price pressure may be minimal.

Hot Roll Coil Steel

Hot Roll Coil steel rose to $27.65/cwt, a multi month high on tight supplies and scrap metal and iron ore increases.


Copper Price fell to $3.04/lb. near the multiyear high on slow demand increases and good supply. The high copper price is a very, very positive, global economic indicator.


Aluminum price fell to 78.8 cents near a multi month high, leaving out spikes, on slow demand increases and good supply.

Euro Zone

The Eurozone, about the size of the U.S., had its July’s industrial production rise to -7.7% vs. last year. This was better than forecast, so good news.

U.S. Coal Mining Jobs

U.S. coal mining jobs rose to 45,700, but near a 100-year low, down from 51,000 about 4 years ago. The explosion of high wage clean coal jobs has not happened.


The U.S. IBD/TIPP Economic American Public optimism index, fell to 45, where negative is less than 50, for the 6th consecutive month. Issues were COVIDs toll on the labor market and more are pessimistic about federal economic policies and personal financials.

U.S. Bankruptcies August

U.S. bankruptcies in August rose to almost the highest since 2013, even though there has been about $3.3 Trillion of Government Stimulus. Importantly though, more borrowing and stimulus is needed.

U.S. Inflation

U.S. inflation rose to 1.3%, with core inflation up 1.7%, that excludes food and energy. This is the highest since March. Drivers were cars and trucks were up and Energy and Clothing fell. Note the government’s target is 2% average.

30 Year Mortgage Rates

30 Year Mortgage rates fell to 2.86% a historic low. Save money by refinancing your mortgage. This is a major opportunity to boost the economy.

U.S. Initial Unemployment Claims

U.S. Initial unemployment claims were steady at 884,000. Good is under 300,000. Positive news is, this was two weeks under 1 million, for 1st time since March. Note this chart goes back to 1965.

Dow Jones

Wall Street’s Dow Jones Industrial Average fell 467 points to 27,666. There is a concern about divergence of Wall street vs main street as needed government added stimulus, remains elusive as bankruptcies increase.

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