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

This is the Recycling, Scrap Metal, Commodities and Economic Report, October 26th, 2026 produced by BENLEE Roll off trailers to support our customers, suppliers, and partners.

U.S. weekly raw steel production rose to 1.87MT up 4.1% from last week and up 5.3% YTD with a capacity utilization of 80.9%. This was on 50% steel tariff protection and the slow growth economy

Crude oil WTI price rose to $103.27/b on expectations the U.S. could resume strikes against Iran.

U.S. weekly crude oil production fell to 13,269TB/d but the trend it up. The hurricane in the Gulf had wells shut down.

The U.S. weekly crude oil rig count rose slightly to 460. Rigs are coming back online after the hurricane.

U.S. scrap steel #1 HMS price composite was steady at $371.67/GT. This was on the 50% steel tariff protection and a good balance of supply and demand.

Hot-rolled coil steel price rose to $69.05/cwt which is $1,381/T up 4.4% for the month and up 63.5% in the past year. This was on 50% steel tariff protection, good demand, and tight supply. This is great for the hand full of steel companies’ profits, but bad for inflation as thousands of companies that buy steel pass on higher costs.

Copper price fell to $6.50/lb as U.S. may reduce copper tariffs and not implement new ones. U.S. copper warehouses are filled to beat tariffs.

Aluminum price rose slightly to $1.38/lb which is $3,047/mt on tight but improving supply and good demand.

China Q3 economic growth GDP. China grew at 4.5% on strong exports particularly AI related computers. Note that the U.S. economy is larger but growing about 2.2%.

U.S. U of M October consumer sentiment index was revised higher to 48, but near the 74 year low. Problems were, concerns over purchasing power, inflation, and the ability to buy homes and autos.

U.S. September housing starts fell 5.2% to 1.2M annualized on high prices and high mortgage rates.

U.S. initial weekly jobless claims fell to 194,000 near the 57 year low on a shortage of workers that had employers holding on to staff.

U.S. September S&P manufacturing PMI, Purchasing Managers’ Index rose to 55.9 the strongest in about 4.5 years. New orders and jobs rose. This was great news, but is not yet enough to overcome tax cuts so the government deficit is growing.

Wall Street’s Dow Jones Industrial Average rose 560 points to 52,215. Corporate profits are good as construction jobs are great. High employment and low taxes has people spending.