Scrap Metal, Recycling, Global Economic and Commodities Report 3/16/26

This is the Recycling, Scrap Metal, Commodities and Economic Report, March 16th, 2026, produced by BENLEE Roll off trailers to support our customers, suppliers, and partners.

U.S. weekly raw steel production fell to 1.791MT down 1.1% from last week, but up 5% year to date. This was on the slow growth U.S. economy and the 50% steel tariff protection.

Crude oil WTI price fell from the spike of a week ago to $98.71/b. The strait of Hormuz has limited oil tankers. It handles 20% of the global oil. U.S. gasoline national average price is about $3.70/gallon up about 24% in two weeks.

U.S. weekly crude oil production fell slightly to 13.678Mb/d. Higher prices should bring some increased production.

U.S. weekly crude oil rigs rose to 413. Higher prices will increase rig count. Drillers are pressured by the dramatic increase in the price of steel pipe and valves due to the U.S. steel tariffs.

Scrap steel #1 HMS price composite was steady at $388.33/GT on a good balance of supply and demand.

Hot-Rolled coil steel price rose to $53.00/cwt., $1,060/T. This was on great pricing discipline by steel mills to increase profits, but it is inflationary for cars, trucks and appliances.

Copper price fell to $5.67/lb. as high oil prices are hurting the global economy. High oil is inflationary so it hurts the speed of interest rate reductions.

Aluminum price fell slightly to $1.55/lb., $3,420/MT and remains high. 9% of global aluminum output goes through the Strait of Hormuz, which is partly closed.

U.S. Q4 Economic growth was revised down to .7%, below the advanced 1.4% estimate. There were downward revisions to exports and consumer, and government spending. Also, there were lower investments and imports decreased less than estimated.

U.S. January core PCE inflation index which excludes volatile food and energy. It rose 3.1% as tariffs continued to be passed on to products. If energy remains high it will start affecting much of the economy.

U.S. February orders for U.S. manufactured durable goods were flat vs January, vs a forecast of a 1.2% rise. There were higher orders for metals, as capital equipment and transportation equipment fell.

U.S. March U of M consumer sentiment survey fell to 55.5 the lowest in three months. This was on higher gasoline prices and concerns of personal finances.

U.S. January goods trade deficit improved to $80.8B. Exports rose 8.2% mostly for industrial supplies and capital goods. Imports of consumer goods and vehicles fell.

Wall Street’s Dow Jones Industrial Average fell 943 points to 46,559. This was on the largest wave of attacks on Iran and high oil prices. Also, on concerns about February’s higher inflation that could mean slower interest rate cuts.