Scrap Metal, Recycling, Global Economic and Commodities Report 2/2/26

This is the Recycling, Scrap Metal, Commodities and Economic Report, February 2, 2026, produced by BENLEE Roll off trailers to support our customers, suppliers, and partners.

U.S. weekly raw steel production rose to 1.778MT up 4.6% from last week and up 3.4% year to date. This was on slow growth manufacturing and the 50% steel tariff protection.

Crude oil WTI price rose to $65.21/b. the biggest monthly increase since July 2023 as there were U.S. demands on Iran, Venezuelan issues and U.S. pressures on countries buying Russian oil.

U.S. weekly crude oil production fell to 13.696Mb/d. on good demand but low prices which have just started rising.

The U.S. weekly crude oil rig count was steady at 411 on lower prices, cautious drillers and great productivity per well.

U.S. dollar index which is the U.S. dollar vs other global currencies. It fell to 96.7 with the belief that the U.S. will lower interest rates, which raises commodity prices. The lower dollar means U.S. exports become cheaper for others which helps scrap exports. It also raises prices in the U.S. of imports which reduces scrap imports into the U.S.

Scrap steel #1 HMS price composite was steady at $358.33/GT. Scrap flows into recyclers are very bad due to the weather.

Hot-Rolled coil steel price rose to $48.60/cwt which is $972/T on higher scrap prices and the 50% steel tariff protection.

Copper price rose to $5.97/lb. and was higher during the week hitting a new record. Investors took profits after prices rose on investor speculation. Also, copper tariff threats by the U.S. are creating uncertainty.

Aluminum price fell to $1.41/lb., which s $3,118/mt. as investors took profits and there was some pessimism on data center growth.

China’s January NBS Manufacturing PM index fell to 49.3 with under 50 being contraction. New orders contracted as business confidence fell.

U.S. December producer prices rose to 3.0% vs last year, above the 2.7% forecast. The monthly change was .5% a 6% annualized number as natural gas, motor vehicles, soft drinks and scrap metal rose.

The U.S. November trade deficit widened sharply to -$56.8B almost double October as Vietnam became the #1 deficit county. Imports of pharmaceutical preparations jumped as exports of nonmonetary gold, pharmaceutical preparations and crude oil fell.

U.S. November new orders of U.S. manufactured goods rose to 2.7% from October the sharpest increase in 6 months. There was a surge in nondefense aircraft and parts as electric equipment rose as well.

U.S. Q3 non-farm labor productivity climbed by 4.9% a great number. Higher productivity offsets higher wage pressure.

Wall Street’s Dow Jones Industrial Average fell 206 points to 48,893 remaining high. This was on higher interest rates and concerns over high stock valuations.