Scrap Metal, Recycling, Global Economic and Commodities Report 10/12/26

This is the Recycling, Scrap Metal, Commodities and Economic Report, October 12th, 2026 produced by BENLEE Roll off trailers to support our customers, suppliers, and partners.

U.S. weekly raw steel production fell to 1.801MT down 2.4% from last week, but up 5.3% YTD. This was on the 50% steel tariff protection and the slow growth economy.

Crude oil WTI price rose to $91.66/b as the U.S. lifted the ban on buying Russian diesel to get prices down. Also, the U.S. claims to be having productive discussions with Tehran.

U.S. weekly crude oil production rose to 13,979Tb/d a new all-time record on high prices and good demand.

The U.S. weekly crude oil rig count rose to 462 on high prices, good demand, and great productivity per well.

Scrap Steel #1 HMS price composite rose to about $360/GT but is still settling. This was on the 50% steel tariff protection and good AI data center demand.

Hot-rolled coil steel price rose to $65.80/cwt which is $1,316/T. It’s up a huge 62% in the past 12 months on the 50% steel tariff protection, good demand, and tight supply.

Copper price rose to $6.71/lb near the all-time high on mounting threats to global supply. Also, on persistent speculative buying and strong AI data center demand.

Aluminum price fell to $1.39/lb, $3,056/MT on improving supply. This was as Middle East smelters prepare to restart and on increased Chinese exports.

U.S. August trade deficit of goods and services widened as in got worse to $105.6B. There were a record level of imports. Note that the worst historical deficit was the months before the April 2025 tariffs hit. Imports were up for industrial supplies and semiconductors as exports were up for gold, oil, and semiconductors.

U.S. U of M preliminary October consumer sentiment index fell to 46.3 the lowest since May’s all-time (70+ Year) low of 44.7. Lower income with smaller stock portfolios fell the most. Issues were the cost of living, the deterioration of the economic outlook and inflation.

U.S. 30 year mortgage rate rose to 7.4% an approximately 3 year high. This was on huge U.S. government deficit spending and borrowing. Also, on huge data center borrowing which together are crowding out borrowing which raises rates.

U.S. Weekly initial jobless unemployment claims fell to 197,900, near the 60 year low. This was on good labor demand and being tough to find new workers so companies are holding on to employees.

U.S. October Real Clear Markets TIPP economic optimism rose to 46.8 the highest since March. This was on the 6 month outlook and people’s personal financial outlook improved.

Wall Street’s Dow Jones Industrial Average rose 478 points to 51,655 as the S&P 500 hit a new high during the week. This was on strong bank and AI related earning expectations.