What a week it has been….not the best way to start the 2nd half of 2018 with copper falling more, but here we are…with another down market. Copper has continued to drop and we have seen a massive selloff with multiple worries about the Chinese vs. US trade tariffs.
We have seen copper prices drop almost 15% in the last 3-4 weeks since topping out and we hope that many of you were able to cash out while those markets were up…and even now, with copper at similar levels that it was about one year ago…we still are happy with the markets…so let’s get into it in a little more detail.
Non-Ferrous Scrap Prices & News
Copper Drops 15% In A Week
With copper prices having a large impact on the market downwards, it will be tough to pull out some great news today. With the market in a big fluctuating period right now we are very uncertain as to what is going to happen in the next few weeks. We saw such a large pullback, that it will be very difficult to guess the next few happenings going forward.
Markets like this are scary for scrappers because you just don’t know when the market will rebound and when it is a good time to sell material…and that is a tough thing. Our best guess is to hold on and see what happens going forward for a few weeks and see if the markets settles itself out. The safest bet is to cash out now because there really is a lot of uncertainty overall.
Reported Non-Ferrous Prices (6/27 – 7/3):
|Rockaway, NJ||#1 Bare Bright Copper Wire||$2.50/lb|
|Ashville, NY||#2 Copper Tubing||$2.45/lb.|
|Las Vegas, NV||Cast Aluminum||$0.35/lb.|
|Arcata, CA||#1 Copper Tubing||$1.50/lb.|
|Minot, ND||Car/Truck Batteries||$0.15/lb.|
|Austin, TX||#1 Bare Bright Copper Wire||$2.00/lb.|
|Burlington, WA||#3 Aluminum||$0.25/lb.|
|Cleveland, OH||Christmas Lights||$0.10/lb.|
|Hayward, CA||304 Stainless Steel||$0.50/lb.|
|Harrisonburg, VA||Dirty AL Radiators||$1.20/lb.|
Ferrous Scrap Prices & News
With steel down slightly over the last week we are not overly concerned on the steel market prices right now. They have remained at a strong level, and we think that going forward we will see these relatively sideways prices remain here for the rest of the summer.
Oil prices have gone up, but remained high still and we expect that market to affect the steel and iron markets for the rest of the summer.
Reported Ferrous Prices (6/27 – 7/3):
|West Fargo, ND||#1 Prepared||
|Union, MO||Shreddable Steel||$0.05/lb.|
|Leslie, AK||Light Iron||$150.00/ton|
|Albuquerque, NM||Shreddable Steel||$130.00/ton|
|World, WY||Shreddable Steel||$90.00/ton|
|Medford, WI||Sheet Iron||$160.00/ton|
|Russellville, AK||#2 Heavy Melting Steel||$9.50/cw|
|Sebring, FL||Light Iron||$120.00/ton|
Other Scrap Markets
Gold has leveled out after the large drop that we saw in June, but the electronics recycling market is going through a bit of a tailspin. With the continued news out of China being so negative, a lot of the electronics will be diverted to different parts of the world for recycling and that will be tough to figure out.
So many other countries know that the Chinese markets are going to dry up and they have reduced their purchase prices accordingly.\
Let us know what you think and what else you need so we can help gather that information up!
Scrappppp ya later!