After An Increase Copper Pulls Back – 11/13/19

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Scraps Up!

We love hearing stories, seeing prices, and doing everything and anything scrap related. Let us know the things that you want to hear, as we are putting together our 2020 schedule and would love for you to tell us more information that will help you learn and grow with us! Whether it is catalytic converters or videos on YouTube, our goal is to make your scrapping life more profitable!

Quick Numbers

  • 6.7%- Increase in oil prices the last few weeks. 
  • $0.08- The amount that copper dropped after a possible deal was no longer on the horizon to have tariffs rolled back. 

Social Scrap from Our Facebook Group

Sometimes even we get surprised (in a good way) for some of the stories and posts that we see online. It is crazy to use the phrase “One mans’ junk is another man’s treasure,” so often in the scrap world- but it really is true. Take the below story from iScrapper Jay. G about this Chevy Avalanche that he picked up and it only needed a battery to run. It is crazy to see what some people do not know and how others can take advantage of certain situations! 

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Non-Ferrous Market News

After extreme optimism in the last few weeks, we have seen a pullback in the copper market with prices dropping about $0.08/lb. We have been watching this closely and hoping to see an increase, but we had not seen anything going on after the potential role back of the tariffs was negated by President Trump on Friday.

For the market to really recover we have to have a trade deal and that will be the imminent thing to make us all optimistic going into 2020. Until that happens, we continue to be in a bit of a tailspin and we do not have any real sign of direction until ink hits paper and a deal gets put into action. 

Reported Non-Ferrous Scrap Prices (11/6 – 11/12):

Location

Material

Price

Waxahachie, TX Hard Drives $0.50 / lb
Rockaway, NJ #1 Bare Bright Copper Wire $2.25 / lb
Rock Valley, IA 304 Stainless Steel $0.21 / lb
Rochester, NY Brass $1.00 / lb
Hurlock, MD Aluminum Cans $0.20 / lb
Indianapolis, IN Insulated Copper Wire $0.37 / lb
Eastman, GA #2 Copper Tubing $1.60 / lb
Las Vegas, NV #1 Copper Tubing $1.90 / lb
Adrian, MI Sheet Aluminum $.16 / lb
Apple Valley, CA Romex® Wire $0.35 / lb
Charleston, WV Copper Scrap $0.20 / lb
Lafayette, LA Sealed Units $0.05 / lb
CHECK CURRENT PRICES

Ferrous Market News

Finally. We have finally seen an increase in the steel market with prices jumping about $15 per ton over the last 2 to 3 weeks. We are hoping that this is just the beginning of a market that will continue to increase going into 2020, but we don’t know what to expect for the rest of the year. Seeing these increases across the board from the East Coast through the West Coast has been an excellent piece of news.

We have heard that some of the larger steel and iron mills have been looking for higher grades of metal and this may be part of the reason that we are seeing a bit of an increase. When the markets drop as quickly as they did (like we have talked about in other weeks), you were going to see a shortage of supply of good material moving forward. We’re hoping that this is the reversal that will create a market that is more sustainable and much higher.

Reported Ferrous Scrap Prices (11/6 – 11/12):

Location

Material

Price

Carbondale, IL Light Iron $0.035 /lb
Kokomo, IN Cast Iron $60 /ton
Jackson, MI Shreddable Steel $95 /ton
Defiance, OH #1 Steel $70 /ton
Culpeper, VA Light Iron $60 /ton
Las Vegas, NV Cast Iron $50 /ton
Russellville, AR Tin $3.50 /CW
Goshen, IN Shreddable Steel $70 /ton
San Antonio, TX Light Iron $40 /ton
Richmond, British Columbia* #1 Steel $60 /ton
Kelowna, British Columbia* Light Iron $40 /ton
CHECK CURRENT PRICES

Other Markets

We have seen gold fall back about $80 per ounce and we have seen Platinum pull back as well. That will affect both electronic markets, as well as the Catalytic Converter market which has been very hot all of 2019. One thing that we have heard about Catalytic Converters is a lot of people have become “experts,” and have been ripping people off on cat prices. If you are looking to sell your Catalytic Converter‘s you can always go to www.rrcats.com and you will be able to get price quotes for your Catalytic Converters through our sister company. 

Thank You.

The next two weeks we will only be giving updates via text with a few short videos that we will post as we will be working on a few projects and then we will be celebrating Thanksgiving with our friends and family. From the team here, we wish everyone a happy and safe holiday season and we hope that the prices continue to improve going into 2020 and we can continue to grow together.

– Tom

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*Canadian Dollar