August 11, 2025
This is the Recycling, Scrap Metal, Commodities and Economic Report, August 11th, 2025.
U.S. weekly raw steel production rose to 1.782MT up 4.5% from last year and up 1.1% year to date. Production was helped by the 50% steel tariff protection, but hurt on slow U.S. manufacturing.
WTI crude oil price fell to $66.35/b., as there are concerns over rising U.S. tariffs slowing the global economy. Also, on the Ukrainian war instability on prices with possible new Russian sanctions or a truce.
U.S. weekly crude oil production fell slightly to 13.284Mb/d. Relatively low prices are bringing the production trend down from December’s record. OPEC’s increased production lowers prices as they are working to gain back their market share.
The U.S. weekly crude oil rig count rose to 411, but near a 4 year low. Oil companies are maximizing shareholder returns so they are drilling less.
Scrap steel #1 HMS price composite was steady at $311.67/GT. This was on slow global manufacturing growth and good supply.
Hot-Rolled Coil Steel Price fell to $41.50/CWT., $830/T, due to slow demand despite the 50% steel tariff.
Copper price rose to $4.48/lb., on supply concerns after deaths in Chilean mines.
Aluminum price rose to $1.19/lb., $2,616/MT on good global demand and lower supply.
U.S. July ISM manufacturing PMI fell to 48 the 5th consecutive month under 50, meaning 5 months of contraction. Supplier deliveries and employment were the largest negatives. Production accelerated but new orders and backlogs fell.
New orders for June of U.S. manufactured goods fell 4.8%, the steepest monthly drop since the 14% drop in April 2020. Transportation equipment plunged after May’s jump. There was a modest gain in primary metals.
U.S. June balance of trade narrowed as in improved to $60.2B. Note the January through March plunge as in worse, to beat the tariffs. That partly explains the current limited increase in inflation. Deficits with Mexico, China and the EU shrank as Vietnam rose.
U.S. August Real Clear/TIPP Economic Index rose to 50.9 the highest in 6 months. Outlook on personal finances rose and there was a higher confidence in federal government economic policies.
U.S. July S&P global U.S. Composite, which is goods and services PMI, rose to 55.1. This shows the overall economy is good. It is being driven by services, not manufacturing. Note, selling prices were up the most since August 2022.
Wall Street’s Dow Jones Industrial Average rose 587 points to 44,176 near the record. Technology shares rose, but there were huge losses in Automotive due to their absorbing much of the tariffs. There was also the nomination of a new federal reserve member that supports interest rate cuts.
This is Greg Brown. As always, feel free to call or email me with any questions, and we hope all have a safe and profitable week.