Scrap Metal, Recycling, Global Economic and Commodities Report 2/23/26

This is the Recycling, Scrap Metal, Commodities and Economic Report, February 23rd, 2026, produced by BENLEE Roll off trailers to support our customers, suppliers, and partners.

U.S. Supreme Court tariff decision. They ruled that most of the administration’s tariffs are not allowed as established. Steel, Aluminum, and furniture tariffs stay because they were established as part of a National Security threat. A new 14% global tariff was set for 150 days. Then new tariffs will be set.

U.S. weekly raw steel production rose to 1.8MT up 1% from last week and up 4% year to date. This was on slow growth U.S. manufacturing and the 50% steel tariff protection.

Crude oil WTI price rose to $66.48/b., up about 20% in the past two months. The U.S. is considering a limited military strike on Iran and the Supreme court decision on tariff relief will help the economy.

U.S. weekly crude oil production rose to 13.735Mb/d. Higher prices support higher production.

The U.S. weekly crude oil rig count was steady at 409 on great productivity per well and cautious drillers.

Scrap steel #1 HMS price composite was steady at $388.33/GT. This was on slow growth U.S. demand with mixed export demand.

Hot-Rolled coil steel rose to $49.35/cwt., $987/T on slow growth in demand and the 50% steel tariff protection.

Copper price rose to $5.87/lb. The Supreme court tariff relief will help global demand, but copper inventories have been increasing.

Aluminum price rose slightly to $1.41/lb., $3,102/MT on the Supreme Court tariff relief, but specifically aluminum tariffs are not affected. This was also on good demand and continued global aluminum supply problems.

U.S. December goods trade deficit widened to $98.5B as imports rose 3.8% and exports fell 3.0% The deficit with China fell but there were record deficits with Mexico, India, and Vietnam. 2025 was the worst goods trade deficit in American history.

U.S. December Core PCE price index, a key inflation index. It rose to 3% well above the 2% target. Not clear what the new 15% tariff on everything will do to inflation.

U.S. Q4 economic growth which is GDP. The economy grew 1.4% down from Q3’s 4.4%. Total 2025 was 2.2% from 2.8% in 2024. Consumer spending slowed as goods slowed while services increased. The Government shutdown subtracted about 1.1% from Q4’s growth.

U.S. January Manufacturing output increased 2.4% vs last year. This was the strongest expansion in factory activity since March 2022. Was helped by AI data centers and increased arms production due issues in Ukraine, Iran, Venezuela, and Gaza.

Wall Street’s Dow Jones Industrial Average rose 125 points to 49,626 on tariff changes with weak GDP and higher inflation. The coming larger consumer tax rebates will help the economy.