Happy Valentine’s Day Scrappers!
With the holiday of love here, we hope that you will be loving some of the news that will be bringing you today. With copper prices up about $0.08 this week, we are happy to see the prices are recovering after last week’s drop, and hopefully, they will be rising along with the rebound in the stock market. It seems like the steel prices have continued to stay stable, but with an influx of oil and gas production coming not only from the US but from other parts of the world. We have seen the stabilization of oil prices and if anything maybe a slight decrease.
Non-Ferrous Scrap Markets
Copper has seen a steady increase over the last week with prices rising on an average of $0.07 per pound. We saw many scrap yards retreat their prices when the market took a large dip last Wednesday and continued to be down throughout the end of last week. With a nice rebound on Monday, February 11th and a better rebound yesterday February 12th we are optimistic going forward.
The Nickel market has remained stable if not stronger than average lately, with the average stainless steel prices jump been almost $0.02 cents per pound. Overall, it has been a very stable market and we will keep an eye on it for any big increases or dips.
Reported Non-Ferrous Scrap Prices (2/7 – 2/13):
- Las Vegas, NV: Aluminum Siding, $0.30/lb.
- Rockaway, NJ: #1 Bare Bright Copper Wire, $2.70/lb.
- Pensacola, FL: Non Magnetic Stainless Steel, $0.33/lb.
- Rochester, NY: Yellow Brass, $1.41/lb.
- Canton, OH: Aluminum Scrap, $0.50/lb.
- Madisonville, KY: #1 copper tubing, $2.00/lb.
- Norfolk, VA: Insulated Copper Wire, $0.60/lb.
- Wellsboro, PA: Brass, $1.47/lb.
- Salem, OR: PC Boards, $1.50/lb.
- St. Louis, MO: Car/Truck Batteries, $0.30/lb.
- York, PA: THHN Wire, $0.60/lb.
- Manassas, VA: ACR, $1.00/lb.
Ferrous Scrap Metal Market Update
It has been very difficult to gauge where the steel market will be going, but it seems like the current level is very strong. With steel prices across the US and Canada stabilizing over the last almost 4 weeks since the drop, we are happy to see the stabilization.
Going forward we believe that the market is in a very strong position and we will see continuous stable steel prices for the remaining weeks in the first quarter. A lot of the pricing will depend on where the overall prices go, so we have to wait and see how this oil market will shake out.
Reported Ferrous scrap prices (2/7 – 2/13):
- Salem, OR: Shreddable Steel, $75.00/ton
- Mountain Home, AK: Light Iron, $100.00/ton
- Woodstock, IL: Shreddable Steel, $100.00/ton
- Greenville, TX: Light Iron, $100.00/ton
- Rochester, NY: Tin, $196.00/ton
- Manassas, VA: #1 Steel, $0.06/lb.
- Maryville, TN: Light Iron, $0.05/lb.
- Dartmouth, Nova Scotia*: Shreddable Steel, $0.07/lb.
- Rochester, NY: #1 HMS, $250.00/ton
- Harrison, AK: Scrap Iron, $0.08/lb.
Other Scrap Metal Market News
The gold prices have stayed above $1,300 per ounce, with silver and platinum prices also remaining very strong. One of the problems that will continue to hamper us is the importing of electronics and copper wire overseas. China has continued to say that they will not tolerate all the garbage coming into their country along with a low-grade scrap metal, so we have to wait and see how it works out.