With Presidents’ Day behind us, we start to have a beginning of market coming about. With the price is still remaining steady, we have been very optimistic and continue to be optimistic going into the rest of the first quarter of 2018. This week with the holiday we have an abbreviated version of our report.
Non- Ferrous Markets
With the copper market going down about $0.06 per pound this week, we were a little disappointed but overall still optimistic. Over last week we saw the average price of copper dropping being reported about $0.03 per pound. With that increases in the US and Canada, we are hoping to see it continue even with the small dips that we will see in the market.
One market that has been very strong has been the brass market. With zinc prices as well as copper prices, we have seen the average price of brass go much higher over the last few months.
With thoughts of there being large restrictions on the import market for metals, larger taxes and import fees on many steel and aluminum products coming from outside of the country. With that happening we may see a large increase in the steel prices because there will be a much higher value on recycled metal, than there will be on new metal. With the United States not being a primary economy for mining raw ore, the domestic steel, and aluminum mills, recycling will continue to be a heavy factor for driving metals into scrap yards.
Couple that with having gas prices being at a stable level, should see the steel market remain at the level that we are currently at, not going further into 2018.
Other Metal Markets
In other markets, we have seen gold continue to remain very strong, with the prices going over $1350 dollars per ounce. We’ve also seen the cobalt market become one of the hottest metals in the entire world, hybrid cars, lithium-ion power tools and other items that require batteries needing more cobalt. We’ll look into several producers cobalt, and one country that is heavily involved in the cobalt is the Congo.
A lot of people wonder where they can find cobalt or have to recycle different types of batteries, it’s not an easy thing to do.
Let us know what we can help you out with and we will. Scrappppp ya later!