As they once said in the movie Anchorman, “That escalated quickly.” This week we are talking about the pricing of gold going over $2,000 an ounce for the first time and quickly coming back down to Earth as more economic news came out. Because of the decrease in gold – it caused a ripple effect and other metal prices to decrease right afterward.
With economic numbers slowly improving we are starting to see more interest and higher demand for manufacturing which could mean higher prices for metals moving forward. Unfortunately, we have seen a little bit of the tariff battle beginning again and that will hurt the aluminum market.
- $0.12 – Drop in copper price per pound on Friday. Ying.
- $0.07 – Increase in copper prices on Monday. Yang.
- $2.25 – National price average for gas- keep filling those trucks up.
Social Scrap from Our Facebook Group
This week we wanted to spotlight a really nice load that everyone on here will look at and agree with. Sometimes a few small scores to start the week like iScrapper Jake W. had will be able to make you smile and will be very similar to make other times and loads that you may have moved.
With the copper market pulling back last Friday, we did see a bit of a recovery come in on Monday. But overall, we saw the market decrease $.12 in one day and that was a bit of a shock to the trading world. When drops like that happen you’re generally going to see a much slower recovery on the scrap yard pricing side of things because they do not want to get overly aggressive in a market that shows more volatility than was expected. Yet, with the copper market pulling back last Friday we did see a bit of recovery come Monday.
What about Aluminum?
As mentioned in the opening paragraphs, we have seen the aluminum market have some news lately (for the first time in a while) with the tariff implementation between the United States and Canada kicking into effect again. Overall, the confidence that the aluminum market will show any real signs of recovery moving forward is going to be very difficult, as we watch the market and we try to figure out what’s going on with the pricing.
Reported Non-Ferrous Scrap Prices (8/5 -8/11):
|Colorado Springs, CO||THHN Wire||$1.43 / lb|
|Rockaway, NJ||#1 Bare Bright Copper Wire||$2.48 / lb|
|Everett, MA||#1 Copper Tubing||$2.40 / lb|
|Manassas, VA||#2 Copper Tubing||$2.15 / lb|
|Cadet, MO||Aluminum Scrap||$0.20 / lb|
|Ruston, LA||Insulated Copper Wire||$0.40 / lb|
|Harrisburg, PA||Aluminum 6063||$0.31 / lb|
|Kent, WA||Brass||$1.55 / lb|
|Savage, MN||Brass Shells||$1.26 / lb|
|Dexter, MO||Electric Motors||$0.08 / lb|
|Hermiston, OR||Aluminum Cans||$0.15 / lb|
|Elmsford, NY||Magnesium||$0.15 / lb|
In a very surprising manner, we have seen a nice increase in the steel market over the last week and a half. Overall, we have seen prices jump between $10-$20 per ton on certain grades of steel across multiple states. After such an uncertain period of time, we’ve also seen items like iron ore pricing increase as well, which has proven to be very instrumental in having the scrap prices rise at the same time.
Where the market is going to go from here is largely going to be up for debate between political tensions inside of the United States, as well as trade tensions with other countries. We are going to have to see how much manufacturing will continue to increase which will dictate where the market goes leading into the fall and winter months.
Reported Ferrous Scrap Prices (8/5 -8/11):
|Chickasha, OK||Shreddable Steel||$50 /ton|
|Englewood, CO||Light Iron||$0.02 /lb.|
|Independence, IA||Cast Iron||$110 /ton|
|Richmond, VA||Shreddable Steel||$4.25 /CW|
|Bradford, PA||#1 HMS||$150 /ton|
|Carrollton, GA||Plate & Structural Steel||$7.50 /CW|
|Mankato, MN||UPPD||$40 /ton|
|Elgin, IL||Shreddable Steel||$60 /ton|
|Dafter, MI||Whole Cars||$160 /ton|
|Pensacola, FL||#1 HMS||$0.08 /lb.|
|Phoneix, AZ||Light Iron||$80 /ton|
Other Metal Markets
As gold prices have decreased some people are disappointed, but overall that is a good thing because it means that more people have faith in the US dollar and the US market instead of putting more money in gold. That will prove to be extremely useful information, as we continue to see the economic recovery take form and hopefully see these prices increasing on the other metal markets that are more integral for day-to-day usage as opposed to gold pricing.
Catalytic Converter Market News
With large increases of anywhere from 3 to 10% on some of the different metals that go into the catalytic converters over the last week, it has been a nice surprise. After the gold prices started to pull back in the last couple of days, we did start to see these precious metals pulling back as well.
Scrap Catalytic Converter Prices This Week (8/5 -8/11):
Cat Type/Serial Number
|JSH62||$278 / @|
|Small Foreign||$98/ @|
|Regular Domestic||$178/ @|
Overall, the last week has been very difficult on all metal fronts. With the markets going up and then quickly down on the copper side of things, this is a small window to show how difficult it will be to gauge the market for the next few weeks and months.
- Where Are The Copper Prices? – 8/5/2020
- How Low Steel Prices Affect Jobs
- Top 25 Most Common Scrap Metals