4/4/18 Scrap Price Report: China Retaliates With Tariffs

Good Day Scrappers!!!

Hopefully, everything is been going well for you when you have been enjoying some of these higher prices. We had a lot of negative news going on around the stock market and a lot to do with global tariffs, so it has been very weird over the last week or two.

We want to talk about these today and how they may affect the scrap market going forward, as well as the overall economy.

Let’s start talking about scrap and how we think the market will be turning in how they will be affected overall.

Non-Ferrous Markets

With China retaliating with tariffs to counter the ones that the United States put on them a couple of weeks ago, we have to stay tuned to see what happens going forward.

This morning we saw a large drop in the copper prices directly because of the Chinese impose tariffs that occurred overnight.

How this will affect the scrap market is still yet to be seen, but it looks like all of 2018 could be a very up and down year.  We have had many people asking if we think they should hold onto their material, and we continue to use the answer no.

Reported Non-Ferrous Prices (3/28 – 4/3):

  • Tucson, AZ:  AL Extrusion, $0.50/lb.
  • Rockaway, NJ:  #1 Bare Bright Copper Wire, $2.65/lb.
  • Everett, MA:  Brass, $1.70/lb.
  • Twin Falls, ID:  #1 Bare Bright Copper Wire, $1.00/lb.
  • Granite Falls, NC:  Aluminum Siding, $0.36/lb.
  • Newberry, SC:  Cast Aluminum, $0.25/lb.
  • Jacksonville, FL:  Stainless Steel Breakage, $0.07/lb.
  • Riverhead, NY:  Aluminum Scrap, $0.40/lb.
  • Wichita, KS:  400 Series Stainless Steel, $0.05/lb.
  • Hugo, MN:  Alternators, $0.18/lb.
  • Louisville, KY:  #1 Flashing Copper, $1.00/lb.
  • Fresno, CA:  #1 Bare Bright Copper Wire, $1.85/lb.
  • Macon, GA:  Aluminum Radiators, $2.00/lb.

Ferrous Scrap Markets

Steel prices continue to be strong and we have seen a market that has had prices almost double over the last two years. A lot of people think that this market still could increase, but overall it seems like most analysts believe that this may be the level that we see for the rest of the year.

With reports that thousands of jobs were added in the US as a result of some of the steel tariffs been put in place is a good thing. But that still leaves a lot of questions on where the scrap market will be going forward.

With multiple conflicting reports on steel prices going into the rest of the year overall, the trend seems more positive than negative. Again we have people asking us if we think they should hold onto their steel or sell it, and we continue to say get rid of it.

Reported Ferrous Prices (3/28 – 4/3):

  • Tucson, AZ:  Sheet Iron, $0.06/lb.
  • Pittsburgh, PA:  Light Iron, $140.00/ton
  • Newton, WI:  Sheet Iron, $195.00/ton
  • Whitby, Ontario*:  Scrap Iron, $120.00/ton
  • Fairmont, WV:  Shreddable Steel, $120.00/ton
  • Newberry, SC:  Scrap Iron, $0.05/lb.
  • Clarksville, TN:  Light Iron, $100.00/ton
  • Elizabeth City, NC:  Shreddable Steel, $130.00/ton
  • Granite Falls, NC:  Scrap Iron, $0.08/lb.

Other Markets

Gold has continued to stay strong in the market is around ,347 per ounce right now. The big question continues to be how the Chinese importing market will affect many of the electronic prices both for the imported scrap in the export of new products.

Catalytic converter prices have been slightly lower over the last couple of weeks, but with palladium prices be near multi your highs, we still think that this market has a positive outlook.

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