A lot of scrappers are asking us questions about the metal tariffs that we talked about last week, and where we think the market is going to be going in the next few months. So many questions, so hard to find the right answers. But we will do our best.
Short answer: Most of the news that has been coming out over the last few days and the weeks since we have spoken has been positive. From copper to steel prices, most of the metals that we have been tracking have seen an increase in their price.
Long answer: We still have to “wait and see” where the tariffs will affect the economy and metal markets.
Non-Ferrous Scrap Metal Markets
Copper prices took a little bit of a drop but overall have been relatively solid over the last week. We saw the prices jump up about $0.05 this morning, but that will probably not translate to an immediate price jump at the scale because the market has been on a bit of a roller coaster over the last week or so. We’ve seen the copper prices going up and dropping almost on a regular basis over the last couple of weeks, and as we talked about last week with the new steel and aluminum tariffs there are still a lot of questions to be answered in the market.
Copper Prices Dropping?
With a large demand for copper scrap in the future, we are very optimistic that these markets will hold where they are and grow throughout all of 2018. We did read a report that speculated that copper prices could drop about $0.30-$0.40/lb. towards the end of 2018 with the market already been too high, but we’ve also read reports that people think that the market will go up as well. So your guess is as good as ours at this point.
With so many different opinions, forecasts, and still so many questions in the US and world economy it’s gonna be hard to figure out. One of the biggest things that we have continued to look for is an answer to the Insulated Copper Wire market which has been one of the hardest ones to figure out.
Reported Non-Ferrous Prices (3/7 – 3/13):
- Lebanon, TN: Lead Batteries, $0.20/lb.
- Rockaway, NJ: #1 Bare Bright Copper Wire, $2.70/lb.
- Texarkana, TX: Yellow Brass, $1.60/lb.
- Saint Cloud, MN: AL Extrusion, $0.42/lb.
- Glenwood, MN: #1 copper tubing, $2.00/lb.
- Philadelphia, PA: Sheet Aluminum: $0.40/lb.
- St. Louis, MO: Insulated Aluminum Wire, $0.20/lb.
- Stittsville, Ontario*: Red Brass, $1.95/lb.
- Tooele, UT: #2 copper tubing, $1.96/lb.
- Union Furnace, OH: Cast Aluminum, $0.30/lb.
- Melrose Park, IL: 304 Stainless Steel, $0.30/lb.
- Casselberry, FL: Sealed Units, $0.13/lb.
Ferrous Scrap Metal Market
Steel Going Up This Month?
With the price of steel going up over $15 per ton on average over the last month, we have been happy to see that increase reflecting in most customers’ reported scrap prices across the US and Canada.
One of the biggest talking points over the last week has been the new tariffs that were put in place on the steel and the aluminum market by President Trump. We continue to get questioned about how that’s going to affect the scrap market. Our initial opinion is that the scrap market is going to be affected positively, but we still are in a “wait and see” mode. We will report new information as we get it.
It seems like most US suppliers of steel to the overseas market are trying to figure out how this will affect not only the export market, but the import market on goods, materials, and the future of building products.
Reported Ferrous Prices (3/7 – 3/13):
- Johnston, RI: Light Iron, $130.00/ton
- Texarkana, TX: #2 Heavy Melting Steel, $3.75/cw
- Washington, ME: Light Iron, $120.00/ton
- Munfordville, KY: Shreddable Steel, $160.00/ton
- Henderson, CO: #1 Steel, $0.06/lb.
- McMinnville, TN: Shreddable Steel, $155.00/ton
- Holland, TX: Scrap Iron, $6.50/cw
- Brooks, Alberta*, Light Iron, $110.00/ton
- Lebanon, TN: Shreddable Steel, $0.08/lb.
- Philadelphia, PA: Light Iron, $0.07/lb
- Rochester, NY: Tin, $196.00/ton
- Henderson, CO: #1 Steel, $0.06/lb.
- Tooele, UT: Unprepared P & S, $135.00/ton
- Dodge City, KS: Unprepared Cast Iron, $175.00/ton
- Taylorville, IL: #1 Prepared, $195.00/ton
Other Scrap Metal Market News: Electronic Recycling
Gold has continued to stay above ,300 an ounce, but as we’ve talked about over the last few months electronics still have been a bit of a tough item to flip easily. We have been doing more research across the US on the different electronic recycling markets, and we think in the next few months that we will be able to give you a much better idea on how, where, and how soon you’ll be able to increase your profit electronic recycling.
Aluminum has been relatively unchanged, even with all the new information and news with the aluminum tariffs we are still in a “wait and see” mode.
We hope everyone has survived the snow in the parts of the country that have been heavily affected, we hope that you’re staying busy, let us know if you have any questions about scrap in until next week we will talk to you later.