U.S. raw steel production rose to 1.843 million tons this week. That is up 0.7% from last week and up 5.5% year to date. The capacity utilization rate was 79.8%. The 50% tariff protection continues to support output despite slow economic growth.
Oil Takes a Big Drop
WTI crude plunged to $83.85/barrel this week. The move came on mixed Middle East news. The U.S. Administration also urged oil and gas companies to raise production. U.S. crude output held steady at 13.596 million barrels per day. Volatile prices are keeping producers cautious. The average U.S. well loses money below about $62/barrel. The active rig count slipped to 410 on strong per-well productivity. More rigs mean more production. More production means lower prices. Lower prices help the economy but hurt oil companies.
Scrap Steady, Steel Climbs
Scrap steel #1 HMS composite held at $377.66/gross ton. Supply and demand are well balanced right now. Hot-rolled coil steel rose to $55.10/cwt ($1,102/ton) — up 17% from last year. The 50% steel tariff and steady domestic demand are driving that increase.
Non-Ferrous Metals Moving Higher
Copper climbed to $6.08/lb — near its all-time high. Mixed Middle East news is fueling optimism about global economic recovery. The recent oil shock may also accelerate electric vehicle adoption. More EVs mean more copper consumption. That is a strong long-term demand driver. Aluminum edged up to $1.61/lb ($3,557/MT). The Middle East accounts for 9% of global aluminum production. Damaged plants in the region will keep supply tight and prices elevated.
China’s Economy Accelerates
China’s Q1 GDP grew at 5.0% — up from 4.5% in Q4 2025. Strong exports and industrial output drove the gain. That is a positive signal for global commodity demand.
Housing Confidence Near a 10-Year Low
The April NAHB/Wells Fargo Housing Market Index fell to 34. That is near the September 2025 low and one of the weakest readings in more than a decade. Both current sales conditions and future expectations declined. High interest rates and elevated home prices continue to squeeze builders and buyers.
Producer Prices: Highest in Three Years
U.S. March producer prices rose 4.0% year over year. That is the highest reading in more than three years. Goods and services both rose. Food prices fell but energy spiked sharply. Wholesale inflation at this level will eventually reach consumers.
Small Business Confidence Slips
The March NFIB small business optimism index fell to 95.8. The spike in oil prices rattled both consumers and business owners. Tax cuts for businesses and families remain a positive. But growing government deficits are a concern that owners are watching closely.
Labor Market Steady
Weekly continuing jobless claims rose slightly to 1.82 million but remain fairly low. The economy has been in a low-hire, low-fire pattern for about 18 months. The labor market is stable but not growing quickly.
Wall Street Near Record Highs
The Dow Jones Industrial Average surged 1,530 points to close at 49,447 — near its all-time high. The broader S&P 500 hit new record highs. Mixed Middle East developments drove the optimism. Markets are responding strongly to any positive geopolitical news right now.
This weekly report is produced by BENLEE Roll off trailers and Roll off truck parts and roll off trailer parts store. We support our customers, suppliers, and partners in recycling, scrap metal, and waste management. Questions? Call or email us anytime. Have a safe and profitable week.
— Greg Brown, President & CEO, BENLEE Roll-off Trailers
greg.brown@benlee.com
734-722-8100
