Scrap Metal, Recycling, Global Economic and Commodities Report 10/5/26

This is the Recycling, Scrap Metal, Commodities and Economic Report, October 5th, 2026 produced by BENLEE Roll off trailers to support our customers, suppliers, and partners.

U.S. weekly raw steel production rose to 1.845MT up 3.4% from last week and up 5.3% year to date on 80.5% capacity utilization. This was on 50% steel tariff protection and the slow growth economy.

Crude oil WTI price fell to $91.10/b as more oil was coming through the Strait Of Hormuz. Increased transportation cost and refineries offline in Russia are keeping diesel and gasoline prices high.

U.S. weekly crude oil production rose to 13,955Tb/d a new record high on high oil prices and good demand.

The U.S. weekly crude oil rig count rose to 456 on the higher prices and good demand.

Scrap Steel #1 HMS price composite was steady at $348.33/GT on the 50% steel tariff, and a good balance of supply and demand.

Hot-Roll Coil steel price fell slightly to $65.50/cwt which is $1,310/T up a staggering 64% vs last year. This was on the same 50% steel tariff protection, good demand, and tight supply.

Copper price fell to $6.58/lb on slower demand in China which is the #1 consumer of copper. Also, on the U.S. continuing to hold off on copper tariffs.

Aluminum price fell to $1.40/lb which is $3,097/mt on the strong dollar and increased supply.

U.S. August goods trade deficit widened as in got worse to $132.6B. Imports rose 5.5% as industrial supplies, computers and semiconductors rose. Exports increased 1.9% as supplies and capital goods increased while automotive exports fell.

U.S. September new jobs report. The economy added 29,000 jobs, which was below expectations. Healthcare, construction, and manufacturing added as financials lost. Slower growth could mean a slower increase in interest rates.

U.S. September unemployment rate rose slightly to 4.2% but is still historically low. More people entered the workforce looking for work, which is great news.

U.S. Q2 economic growth was revised up to 2.2% well below the targeted 4, 5 and 6%. AI data centers including real estate and durable goods drove the increase. There were declines in transportation, warehousing, retail, and non-durable goods manufacturing.

U.S. September average hourly earnings year over year fell to 3% which is great for employers and to lower inflation. It is bad for workers as inflation is 3.4%, so workers are losing buying power.

U.S. PCE inflation index held at 3.4%, which was below expectations but far ahead of the 2.0% target. Fuel prices are driving the increase as services rose at a 3.6% rate.

Wall Street’s Dow Jones Industrial Average lost 652 points for the week to 51,177. It rose last Friday on the low new jobs report but there were concerns over higher interest rates.