We hope that those of you in the Northeast have continued to enjoy the snow, and hopefully, your scrap yard didn’t get buried.
With the markets in a bit of limbo for copper right now, we have seen copper down over the last week. The good news on the other side of scrap, steel prices have continued to increase and that should bode well going into the spring and summer.
Let’s get right into the news and the updates and see what’s been going on in the markets.
Copper has taken a hit over the last eight days, with the market down about $0.07 per pound. With a lot of uncertainty going on, with the interest rates through the Federal Reserve going up as well, we have a lot of questions that are yet to be answered. Stay tuned for updated information in next week’s report.
Reported Non-Ferrous Prices (3/14 – 3/20):
- Baton Rouge, LA: Lead, $0.53/lb.
- Rockaway, NJ: #1 Bare Bright Copper Wire, $2.77/lb.
- Williams Lake, British Columbia*: Stainless Steel, $0.22/lb.
- Balch Springs, TX: Compressors, $0.75/lb.
- Breckenridge, MI: #2 copper tubing, $2.32/lb.
- Garland, TX: Electric Motors, $0.16/lb.
- Glenburnie, Ontario*: Yellow Brass, $1.35/lb.
- Corpus Christi, TX: Carbide, $4.00/lb.
- San Antonio, TX: Communications Wire, $0.60/lb.
- Spencer, IA: #1 copper tubing, $2.35/lb.
- Kapolei, HI: Brass, $1.39/lb.
- Cape Charles, VA: Aluminum Siding, $0.40/lb.
Steel has continued to be one of the highlights in the scrap market the last few weeks. It seems like March has treated the market well with average prices across the US and Canada going up $20 per ton.
With many people thinking that the steel market is going to continue to strengthen during 2018, especially with some of the tariffs that have been put into place, we have optimism to watch the markets.
Reported Ferrous Prices (3/14 – 3/20):
- Cape Charles, VA: Light Iron, $95.00/ton
- Aliquippa, PA: Shreddable Steel, $120.00/ton
- Chesapeake, VA: Light Iron, $160.00/ton
- San Antonio, TX: Scrap Iron, $0.05/lb.
- Wichita, KS: Shreddable Steel, $150.00/ton
- Port Allen, LA: #1 Prepared, $100/ton
- Spencer, IA: Shreddable Steel, $180.00/ton
- Winnipeg, Manitoba*: Light Iron, $240.00/ton
In other markets, we’ve seen mixed reports on where people think the market will be going. Some people seem to think that gold is that a bottom and could rise up $15 more per ounce, while others think that gold is near its highs and expected to retreat.
We think the positivity around scrap gold prices of being stable for months that will continue to remain a stable market for the rest of the year.