We hope that all is well and that you have been checking out scrap prices online and posting prices online that you have been getting at your local yards. We have been reading articles, talking to multiple people about prices, and looking into an answer that we can find regarding what is going on with the markets…and this is what we have so far.
Rules overseas, especially in China, have been getting much stricter. While the rules have not completely been enforced yet, they are on the cusp of happening and because of that, the import rules have been VERY strict. We know of multiple larger exporters in the US that have had loads of copper-bearing items like insulated wire going into China get turned around and sent back to the US recently…so it should be interesting to watch.
We have also seen many of the steel scrap news being all about the foreign market as well. There was such a rush over the last 6 months of scrap that we have not seen the need or demand for more scrap right now which has led to these prices having a dramatic drop.
Non-Ferrous Market News
The markets have been adjusting to the sudden drops the last few weeks and that has caused a lot of problems in the scrap world. Even putting the fact that copper has taken a 10 percent hit over the last month, we have seen more and more reports of the overall supply levels of copper being very high and that could Lead to more drops on the way.
Not to mention that the business time of the year is wrapping up, and a lot of the major work that is happening right now is in the residential industry and not as much on the commercial side of things.
Non-Ferrous Reported Prices (9/27-10/3):
- Rockaway, NJ: Bare Bright, $2.61 per lb
- Vancouver, WA: Bare Bright, $0.97 per lb.
- Canton, OH: Aluminum Cans, $0.25 per lb.
- Parkin, AR: aluminum siding, $0.30 per lb.
- Rockaway, NJ: Aluminum Siding, $0.52 per lb.
- Merrill, WI: Bare Bright, $1.85 per lb.
- Union City, TN: Stainless Steel, $0.25 per lb.
- Bridgeport, CT: Bare Bright, $2.20 per lb.
- Henderson, TX: Bare Bright, $2.30 per lb.
Ferrous Market News
The markets have really taken a beating with the prices down about $50 per ton over the last few weeks. This has been due to a large influx of scrap into all markets this summer, a lot of large supply out there, and low demand going forward.
We talked about the Chinese import markets being very flat, and that is not just on the copper side of things. The overall market has really taken a beating and the news of the markets falling does not seem to be stopping. We talked to one major ferrous broker who said that large orders for scrap steel are not coming in right now and that is a little concerning going into 2018.
Ferrous Reported Prices (9/27-10/3):
- Hobbs, NM: Light Iron, $20 per ton
- Rockaway, NJ: Light Iron, $115 per ton
- Union City, TN: Shreddable Steel, $80 per ton
- Albany, NY: Shreddable Steel, $200 per ton
- Syracuse, NY: Light Iron, $127 per ton
Other Scrap Markets
Gold has been down, and then you add in the problems that we mentioned about the overseas markets and that means that electronics markets will be affected as well and quickly.
Any other market news you want to talk about? Let us know!
Scrapppp ya later!