With the Spring time up and running we have been talking to a lot of people who have seen the steel prices really jumping up over the last few weeks! This is great news to hear but even better news to see those dollars rolling into your pockets a little more.
Can Election Be Affecting The Steel Prices?
The steel prices are what we want to talk about first…mostly because it seems that every week we are seeing the prices increase $5-10 per ton recently. Why are these prices going up? Well that is a great question and is not always the easiest to answer that quickly but we will try. The steel and iron demand has drastically increased after a bad ending to 2015 and beginning of 2016. When we talk to many scrap yards and steel smelters we are hearing that both the steel that is staying in North America and the steel that was getting exported became a very low quality and that is a large part of the increase. Others say that the steel prices going up will be a good indicator that the economy is growing overall, even amidst the election.
Recent Reported Scrap Prices For Steel & Iron:
- Nitro, WV: Cars w/tires, $112 per ton (5/11/16)
- Waterloo, IA: Light Iron, $100 per ton (5/10/16)
- Kingsford, MI: #1 HMS, $100 per ton (5/10/16)
- Rochester, NY: Light Iron, $190 per ton (5/9/16)
- Cornersville, TN: Light Iron, $140 per ton (5/7/16)
- Port Allen, LA: Sheet Iron, $120 per ton (5/6/16)
Why Is Copper Not Performing?
With all of that news on steel and iron we have not seen the same good news for copper recently. With copper dropping about $0.15 per lb since last Wednesday it has been a tough fall and is never easy to weather that storm. With the oil prices rising many think that the copper prices would jump as well, but with many new copper mines opening around the world there is a feeling that the red metal is not going to have a drastic increase anytime soon.
Recent Reported Scrap Prices for Copper & Brass:
- Waterloo, IA: Copper Mix, $1.56 per lb (5/11/16)
- Baltimore, MD: Bare Bright, $1.50 per lb (5/10/16)
- Omaha, NE: #1 Tubing, $2.00 per lb (5/9/16)
- North Bay, ON: Ins. Copper Wire, $0.69 per lb (5/9/16)
- Simpsonville, SC: Dirty ACR, $0.78 per lb (5/9/16)
- Mississauga, ON: #1 Tubing, $2.20 per lb (5/6/16)
Aluminum has remained relatively untouched with maybe a penny or two change the last week. Nothing too crazy there. Going forward the next week we just have to be in a wait and see mode. Thankfully those steel prices rebounded well and hopefully that will continue the positive trend going forward.
Scrap ya later!
Current Scrap Price Average in US (As of 5/12/16):
- Bare Bright Copper: $1.50-$1.75
- Copper Pipe: $1.35-$1.70
- Clean Brass: $0.85-$1.10
- Insulated Copper: $0.40-$1.10
- Aluminum Sheet: $0.22-$0.31
- Stainless Steel: $0.20-$0.25
- Aluminum Cans: $0.22-$0.32 (Not CRV Pricing)
- Light Iron: $85-$105 per ton