We hope that you have been busy and have not been able to keep up with the amount of scrap that you have been getting in. We hope that the relief efforts across the South Eastern US States are continuing well, and our hearts go out to so many of the families that have been affected in Puerto Rico as well.
With the markets being down the last few weeks, unfortunately, we have seen this trend continue to date. Steel, copper, gold, and the Nickel markets have fallen over the last few weeks with the steel prices being affected the most, so let’s get into the market updates.
Non-Ferrous Market Updates
There have been substantial drops in the copper and many other non-ferrous metal prices over the last two weeks and this has unfortunately continued to date. With the prices of copper being driven so far up over the last few months we have seen large influxes going into scrap yards across the US, Canada, and because of that we have read that the copper supplies in copper warehouses are up over 50% over the last few months, and because of that we have seen prices start to slip.
We were reading an article that talked about the supplies being up, but that article also said that the demand is up as well and going into 2018 that there is a massive amount of optimism for the world economic growth…which means that copper will be needed and hopefully continue to stay at the already strong levels it is at today.
Reported Non-Ferrous Prices from 9/20-9/26:
- Denver, CO: Brass, $1.45 per lb.
- Rockaway, NJ: #1 Tubing, $2.30 per lb.
- Lamesa, TX: Aluminum Cans, $0.30 per lb.
- Brownfield, TX: #1 Tubing, $1.70 per lb.
- Lubbock, TX: Insulated Copper Wire, $0.40 per lb.
- Albany, NY: Aluminum Cans, $0.56 per lb.
- Minot, ND: Bare Bright, $1.50 per lb
- Burbank, WA: Stainless Steel, $0.25 per lb.
- Bridgewater, MA: ACRs, $0.55 per lb.
Ferrous Market Updates
Unfortunately, most of the ferrous news has been very tough over the last few weeks and this week is no different. With prices down 13-17% over the last 3 weeks, we have seen that trend continuing for the reported prices that we have been seeing online as well. The markets have really retreated, but one article that we read was saying that the retreat is more of a temporary pullback because of on-going economic events as much as a deflation of the markets like we had seen over the last year.
Reported Ferrous Prices from 9/20-9/26:
- Lubbock, TX: Shreddable Steel, $85 per ton
- Surrey, BC***: Shreddable Steel, $130 per ton
- Newark, NJ: Light Iron, $95 per ton
- Atlanta, GA: Shred, $80 per ton
- Louisville, KY: Light Iron, $75 per ton
- Norfolk, NE: Light Iron, $85 per ton
- Wellston, MO: #1 Steel, $100 per ton
Gold has dropped about per ounce over the last few weeks with the markets really retreating from those multi-year highs. Couple that drop with the price drops in the non-ferrous markets and that equals lower pricing on electronic scrap…one more thing that is adding the decreased value is the continuing importing sanctions that the Chinese government has levied on many of the electronics recyclers.
Please share thoughts, ideas, and your general knowledge about all things scrap and we will tell you what we think as well!
Scrap ya later!