Global Economic, Commodities, Scrap Metal, and Recycling Report

September 28, 2020

This is the Global Economic, Commodities, Scrap Metal and Recycling Report, by our BENLEE Roll off Trailer and Open Top Trailer, September 28th, 2020.

weekly tonnage of raw steel production

U.S. Weekly crude steel production fell to 1.446MT, near a multi-month high on continued slow economic growth.

Crude Oil

Crude Oil price fell to $40.25/b, on slow global growth and excess inventory, despite Venezuela and Iran being mostly off the market. The future of high oil prices is bleak.

Oil Rig Count

The U.S. Oil rig count rose to 183, still near a 10-year low, down 88.6% from the 2014 high. Slow economic growth and the non-carbon energy factor, is keeping production down.

US Field Production of Crude Oil

U.S. weekly oil production fell to 10.7M/b/d, near a 2-year low. Low demand brings low prices, which brings low production, therefore bringing higher prices.

Scrap Steel Price

Scrap Steel #1 HMS Export buying price Philly, was steady at $235/GT, near a multi month high, on a limited increase in global demand.

AMM Weekly Heavy Melt

Scrap steel #1 HMS price was steady at $245/GT, on a slow global growth in demand. There is limited price pressure for October.

Hot Roll Coil Steel

Hot Roll Coil steel rose to $30/cwt, near a multi month high, on a slow demand increase and as higher scrap prices are being passed on.


Copper Price fell to $2.98/lb., off the multiyear high on slow growth, but nervous markets.


Aluminum price fell to $.772/lb. off the multi month high, on the same slow growth, but nervous markets.


The Eurozone is an Economy about the size of the U.S. Their consumer confidence in September rose to -13.9, well below pre-pandemic levels, but it is improving despite the COVID death rate rising in areas.

U.S. Current Account Deficit With Other Countries

The U.S. Current Account Deficit with other countries, is the total trade deficit, which includes goods, services and income combined. The U.S. Q2 Deficit widened to $59B, the worst in 12 years and has trended worse since 2018. This means the results of recent years of trade deals has resulted in more, not less deficits with other countries.

U.S. Orders Manufactured Durable Goods

U.S. orders for manufactured durable goods for August, rose .4% from July, the 4th straight month of improvement. Transportation equipment and machinery were up and motor vehicles and defense equipment were down.

U.S. Weekly Initial Unemployment Claims

U.S. weekly initial unemployment claims rose to 870,000 as new jobs gains are slowing. Unemployment claims remain well above the 665,000 peak of the 2009 recession. COVID is getting worse not better in many areas.

U.S. Sales Existing Homes

U.S. existing home sales for August increased 2.4% to 6 million annualized, an outstanding 14 year high. Low mortgage rates, the improving job market and moving to larger homes driven by work from home, are all factors.

Dow Jones

Wall Street’s Dow Jones Industrial Average fell 481 points to 27.174, the 4th straight week of decline, as COVID cases are growing in the U.S. and globally, and the economy is slowing. The U.S. government is looking at an added $2T or more stimulus, on top of the current $3T+, but it is not a given that it will happen.

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