Recycling, Scrap Metal, Commodities and Economic Report — August 24, 2026
Produced by BENLEE Roll-off Trailers to support our customers, suppliers, and partners
Steel Production Holds Near Multi-Year Highs
U.S. weekly raw steel production rose to 1.833 million tons — up 0.7% from last week and up 5.6% year to date — on capacity utilization of 79.4%. The 50% steel tariff protection, sustained AI data center construction demand, and slow but steady manufacturing growth are together keeping output near multi-year highs.
Hot-rolled coil steel slipped slightly to $59.25/cwt ($1,185/ton). The tariff floor remains firm but slow demand growth is limiting upside. Scrap steel #1 HMS held steady at $348.33/gross ton, with tariff protection and the slow-growth economy keeping prices balanced.
Oil Rises on New Iran Sanctions
WTI crude rose to $87.06/barrel as the U.S. prepared to announce new economic sanctions on Iran. U.S. crude production continued to climb, rising to 13,830 thousand barrels per day as high prices keep output elevated. The weekly rig count dipped slightly to 452 but the overall trend remains upward, driven by strong price incentives and export demand.
New sanctions on Iran introduce fresh risk to global oil supply. Higher energy prices remain a persistent drag on manufacturing costs, consumer spending, and the broader economy.
Copper Pulls Back; Aluminum Ticks Up
Copper fell to $6.58/lb. but remains extraordinarily high by historical standards. The pullback came as U.S. warehouse inventories filled up, easing near-term supply tightness. The potential for new Iran sanctions to push oil higher — and slow the economy — added additional downward pressure. The long-term structural demand story for copper remains intact.
Aluminum edged up to $1.47/lb. ($3,249/MT) as higher Chinese supply partially offsets the ongoing Middle East production disruptions. That offsetting dynamic is keeping prices from moving sharply in either direction.
Bond Yields Near a 20-Year High — A Warning Sign
The U.S. 10-year Treasury note yield rose to 4.74% — near a 20-month and 20-year high. This matters directly for homebuyers, businesses, and consumers: mortgages, auto loans, and business borrowing are all tied to this benchmark. The move erased the brief decline triggered by the Treasury Department’s 30-year bond buyback program. That buyback itself is worth noting — it is a possible signal of deeper concern about the government’s now $40 trillion debt load and the sustainability of financing it at these yield levels.
Housing Starts Near a 6-Year Low
U.S. July housing starts fell 12.4% from June to an annualized rate of 1.239 million — near a six-year low. High home prices, elevated interest rates, and a uncertain economic environment are together keeping would-be buyers and builders on the sidelines. With the 10-year yield pushing back toward its highs, near-term relief on mortgage rates looks limited.
Manufacturing Slows; Services Surge — Economy’s Strongest Growth in 4 Years
The August Flash S&P Global Manufacturing PMI fell to 53.2 — still in expansion territory, but growth slowed. Higher fuel prices and raw material shortages were the primary drags, with new orders and output growth both easing.
The bigger story is the Composite PMI — which combines manufacturing and services — surging to 56, the strongest reading in over four years. Services drove the move. Hiring rose and business confidence improved, even as energy prices remain a concern. This is a genuinely encouraging signal about the underlying resilience of the U.S. economy.
Markets Mixed: Dow Drops but Business Activity at 4-Year High
The Dow Jones Industrial Average fell 455 points to 53,277, as high oil prices continued to weigh on sentiment. But the real headline is the PMI composite — the strongest U.S. business activity reading in more than four years. That disconnect between stock market caution and actual economic activity is worth watching.
Product of the Week: BENLEE Super Mini Long 34′ Roll-off Trailer
This week’s featured product is the BENLEE Super Mini Long — a 34-foot, 80,000 GVW roll-off trailer built for customers who need heavy-hauling capability in a highly maneuverable package. Short footprint, big load capacity, high uptime, and low owning and operating costs. Request a quote at benlee.com.
This report is brought to you by BENLEE — manufacturer of roll-off trailers, roll-off trucks, gondola trailers, lugger trucks, and roll-off and dump truck parts. Greg Brown reporting. As always, feel free to call or email with any questions. Wishing everyone a safe and profitable week.
Greg Brown
greg.brown@benlee.com
734-722-8100
