Happy New Year iScrappers!
For those of you that had Santa come to their house, we hope that Christmas was an enjoyable and you were able to enjoy a day or two off from the scrapping world!
With Christmas behind us, New Years fast approaching we have been given one more gift and that is copper at a three year high and a high for all of 2017!!! With the markets recovering and really stabilizing after the new tax bill was passed last week we have seen these prices exceed the previous highs we saw a few months ago and hopefully, this trend will continue going into 2018….let’s break down each segment of the markets a little more.
Non-Ferrous Metal Market News
With copper prices leading the headlines, we were surprised and happy to see these markets increasing over the last 10 business days overall. We have seen the markets increasing and have seen consumer confidence really soaring the last quarter of 2017. With so many people talking about the market moving upwards and with the new tax bill being passed we are excited to see what happens in the coming months.
Many people have asked why copper prices have grown so rapidly and one reason that we want to talk about is the level of overall confidence in the markets. With corporate taxes being cut down 10%, we should begin to see larger investments by corporations in things like new buildings, offices, commercial projects, and even more new technological advances.
With copper and other non-ferrous metals being such a vital part of the tech world, the new buildings, and so many other developing countries, we have to hope that this increase in the markets will continue for all of 2018.
Reported Non-Ferrous Prices (12/20 – 12/26):
- Columbus, MS: #2 copper tubing, $1.90/lb.
- Rockaway, NJ: #1 Bare Bright Copper Wire, $2.68/lb.
- Kennewick, WA: Aluminum Copper Radiators, $0.80/lb.
- Birmingham, AL: #1 copper tubing, $2.40/lb.
- Muskegon, MI: Aluminum Rims, $0.37/lb.
- Lakeland, FL: Yellow Brass, $1.20/lb.
- Chesapeake, VA: Insulated Copper Wire, $0.22/lb.
- Auburn, ME: Aluminum Breakage, $0.23/lb.
- Hiram, GA: Lead Batteries, $0.25/lb.
- San Antonio, TX: Ballasts, $0.05/lb.
- Granite Falls, NC: Aluminum Siding, $0.31/lb.
- Rochester, NY: Old Sheet Aluminum, $0.47/lb.
- Hayward, CA: Dirty AL Extrusion, $0.18/lb.
Ferrous Metal Markets
With the steel prices continuing to strengthen we have seen these markets grow in December and there are more increases coming in January according to three different sources that we spoke to and trust.
We have seen the steel markets really ticking up and a lot of this is due to the optimism about the economy and how things have been moving forward the last 6 months overall. While many people have continued to bad mouth the new President, we have seen incredible growth in 2017 and the forecasts have been in similar favor.
We can only hope that the next project that the Trump Administration starts is infrastructure, because if that is the case then we may see steel prices continue to strengthen even more then they already have.
Reported Ferrous Prices (12/20 – 12/26):
- Sherman, TX: Shreddable Steel, $128.00/ton
- Mapleton, MN: #1 Steel, $130.00/ton
- Palestine, TX: Light Iron, $100.00/ton
- Rochester, NY: Unprepared HMS, $195.00/ton
- Newport, KY: Shreddable Steel, $115.000/ton
- Houston, TX: Light Iron, $110.00/ton
- Clinton, MO: Shreddable Steel, $120.00/ton
- Holly Hill, FL: Sheet Iron, $5.00/cw
- Brook Park, OH: Light Iron, $120.00/ton
- Denver, CO. Scrap Iron, $100.00/ton
- Pittsburg, PA: #1 Heavy Melting Steel, $0.09/lb.
Other Scrap Metal Markets
From cobalt to stainless, gold to silver, and platinum to palladium, we have seen a very strong year for metals overall. We will continue to watch the overall markets, but with oil prices rising, the stock markets continuing to set records, and companies very optimistic for 2018 we hope that the entire market as a whole will continue to thrive.
Happy New Year!!!
Scrappppp ya next year!