Scrap Metal, Recycling, Global Economic and Commodities Report 8/31/26

This is the Recycling, Scrap Metal, Commodities and Economic Report, August 31st, 2026 produced by BENLEE Roll-off trailers to support our customers, suppliers, and partners.

U.S. weekly raw steel production rose slightly to 1.848MT up .8% from last week and up 5.6% YTD on 80% capacity utilization. This was on the 50% steel tariff protection and the slow growth in demand.

Crude oil WTI price fell to $83.44/b as the new Venezuelan oil deal will have little 1-2 year impact. Also, the U.S is moving to economic sanctions from military actions on Iran. There is also an increased amount of oil moving through the Strait of Hormuz.

U.S. weekly crude oil production rose to 13,843Tb/d on good demand and high prices.

The U.S. weekly crude oil rig count fell to 447 on continued investment discipline and great productivity per well. Also, on the higher focus on natural gas drilling.

Scrap Steel #1 HMS price composite was steady at $348.33/GT on steady demand. There is slight downward price pressure for September.

Hot-Roll Coil steel price rose to $59.55/cwt., which is $1,191/T up 50.2% in the past 12 months. This was on the 50% steel tariff protection and the slow growth in demand.

Copper price rose to $6.64/lb, near the record high on possible new U.S. copper tariffs. Also, on supply disruptions and good Chinese demand.

Aluminum price rose slightly to $1.47/lb, $3,234/mt. as China’s aluminum exports were helping replace Middle East blocked supply. Also, as alumina production cuts in Brazil were hurting global aluminum producers.

U.S. 10 year note bond yield. Importantly home mortgages and other loans are linked to this. It rose to 4.73% as the Federal Reserve Chairman warned that inflation has not meaningfully slowed. This increases the odds of interest rates increasing in the next 1-3 months.

U.S. July goods trade deficit. It widened as in got worse to $118B the largest in about 1.5 years. The peak deficit was in 2025 as companies rushed imports to beat tariffs. Tariffs are bringing higher prices, but should help reduce trade deficits.

U.S. August U of M Consumer Sentiment survey was revised higher but fell to 51.7. There were concerns over weaking business conditions and inflation as the Iran war has increased gasoline prices.

U.S. July PCE inflation measure was steady a 3.7% vs last year above the 3.6% expectation and well above the 2% target. For the month services rose .3% from June and goods decreased .1%.

U.S. continuing jobless claims fell to 1.778M, close to a 2+ year low. This was on a good job market and the lower number of people looking for work.

Wall Street’s Dow Jones Industrial Average rose 283 points to 53,560 on good earnings but increasing chances of an interest rate increase.