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November 30th 2021

Scrap Metal, Recycling, Global Economic and Commodities Report November 29, 2021

This is the Global Economic, Commodities, Scrap Metal and Recycling Report, by our BENLEE Roll off Trailers and Lugger Trucks, November 29th, 2021.

weekly tonnage of raw steel production

U.S. Weekly crude steel production. Note this chart is from two weeks ago. Last week’s data is not available due to the Holiday.

Crude Oil

WTI Crude oil price fell to $68.15/b., the lowest in 11 weeks. This was on concerns of a possible vaccine resistant new COVID variant.

US Field Production of Crude Oil

U.S. weekly oil production, rose to 11.5Mb/d, 1.6Mb/d off March’s 2020 high. Importantly, oil companies are only slowing adding production to keep Wall Street happy.

Oil Rig Count

The U.S. Weekly Oil rig count rose to 467, still well off 2019 and Pre COVID highs. This is on the same Wall Street story, while the U.S. weekly imports oil from countries like Russia.

AMM Weekly Heavy Melt

Scrap steel #1 HMS price was steady at $465/GT. Importantly, upward price pressure for December remains.

Hot Roll Coil

Hot Roll Coil Steel Price rose slightly to $89.28/cwt., $1,785/T. Prices are stabilizing on OK supply and imports at lower prices.


Copper price fell to $4.29/lb. on the same variant news and added supply from a new mine in the Congo.


Aluminum price fell to $1.18/lb., $2,605/mt on the variant news, strong dollar and discussions to remove U.S. tariffs from Japan’s aluminum.

U.S. November U Of M  Consumer Sentiment Index

U.S. November U of M consumer sentiment index. It was revised higher to 67.4, but it was still the lowest since 2011. Government payments and salary increases have families spending record amounts. These record purchases have people happy, but is causing inflation, which people hate.

U.S. October Personal Spending

U.S. October Personal spending, jumped 1.3%, the biggest increase in 7 months. This was 2.5 times the 60-year average. Again, the government payments and increase wages are bringing record purchases.

U.S. October New Home Sales

U.S. October new home sales rose to 745,000 annualized, off the recent highs. This was as inventories are building due to the higher prices.

U.S. November IHS Markit Manufacturing Index

U.S. November IHS Markit manufacturing index. It increased to 59.1 off a 10-month low, as expectations improved. Output, new orders and selling price increases all accelerated.

U.S. Weekly Initial Unemployment Claims

U.S. weekly initial unemployment claims fell to 199,000 the lowest since 1969, 52 years ago. This was on economic growth and a shortage of workers.

Dow Jones

Wall Street’s Dow Jones Industrial Average fell 703 points to 34,899, the lowest since October 14th. Importantly, this was on the variant news. Travel stocks were down and stay at home stocks were up.