Wow. Wow. Wow.
Other than our team participating in the Mannequin Challenge this week…wow, what an exciting week.
What other way to start this weeks update off by being in a little bit of shock. With the election over and the President-Elect Trump Administration starting to form we have seen BIG moves in the market like we have not seen in a LONGGGGGGG time (and these are all POSITIVE moves for once!)…..so let’s get right into it.
Non-Ferrous Scrap Markets
After the news came through that Trump was going to be elected we saw the stock markets take a 1,200 point swing in less then 12 hours. From the early morning loses of 900 points to the end of the day gain of 300 points, it was certainly a wild ride. The copper market saw a jump like have not seen…maybe ever. At one point during last week on Friday we saw the copper prices up about 60 cents for the week…even though it ended up between 30-40 cents depending on where you looked at the market.
Many scrap yards were worried about these large jumps and larger buyers of metals were having a hard time justifying such large price jumps and because of that we had to really look at the prices to see what scrap yards were doing.
After the first few days it looks like the scrap yards were going to start raising the prices big time and then the markets started retreating so while the raises were great, they were not the 60 cents that everyone thought that it would be. We were tracking the prices and here is what we saw happening.
Here are some of the reported prices from the last week:
- Modesto, CA: Bare Bright, $1.55 per lb (11/15/16)
- South El Monte, CA: #1 Tubing, $1.55 per lb (11/15/16)
- Rockmart, GA: $2.00 per pound for #1 Tubing, (11/15)
- Denver, CO: $1.65 per pound for Bare Bright (11/15)
- Denver, CO: Brass, $1.25 per pound (11/15)
- Rochester, NY: Zinc, $0.30 per lb (11/14)
- Rochester, NY: Sheet Aluminum $0.43 per lb (11/14)
- Belvidere, IL: Brass Scrap, $1.15 per lb (11/13)
- Chicago Heights, IL: #1 Tubing, $2.12 per lb (11/13)
- Sumiton, AL: Dirty Al Rads, $0.12 per lb (11/11)
Ferrous Scrap Markets
The steel prices have continued to increase over the last week with prices jumping another $5-10 per ton overall. The markets for steel reacted positively to the Trump presidency, but like the other markets are still unsure. Because of the massive increases in highway, road, and infrastructure maintenance that Trump has promised we are interested to see if the steel prices start to increase.
Here are some of the ferrous prices from the last week:
- Temecula, CA: per ton for #1 Steel, (11/16)
- Denver, CO: $50 per ton for #1 Steel, (11/16)
- Gormley, Ontario: $70 per ton for #1 Steel (11/15)
- Aiken, SC: Light Iron, $0.03 per pound (11/14)
Hope you are enjoying this nice price increase, hope to see more reported prices coming from you soon. Scrap you later!!!
National Scrap Averages (As of 11/16/16):
- Bare Bright Copper: $1.85-$2.15
- Copper Pipe: $1.67-$1.92
- Clean Brass: $0.85-$1.15
- Insulated Copper: $0.45-$1.20
- Aluminum Sheet: $0.22-$0.33
- Stainless Steel: $0.21-$0.27
- Aluminum Cans: $0.22-$0.32 (Not CRV Pricing)
- Light Iron: $65-105 per ton