…and the result was 100% approval for copper prices to go up. Unfortunately, that has not happened as there has been much back and forth movement in the metal and commodity prices this week due to the Presidential Election. Hopefully, by the end of the week, we will actually know who won and be able to start to get back to whatever changes or price adjustments we will see over the next few years.
- Unchanged $0.05 – Copper dropped 5 cents last week and recovered that same 5 cents this week.
- Even – Steel prices unchanged
- $1,000 – Rhodium had over a $1,000 per ounce increase this week.
Social Scrap from Our Facebook Group
We love seeing people make money…but finding money, well, isn’t that the dream? iScrapper Glen K. did just that this week and found some bills that dated back to the 1800s during his scrap finds. We love seeing pictures of scrap and jobs – but sometimes it is really neat to see people finding things that they were not looking for. Great job Glen!
Aluminum Is Going Up
Let’s start with the aluminum market which we have seen have an increase in prices unlike that of any other year. With the markets increasing so much over the last few weeks, we have seen price jumps anywhere from $0.05-$0.12 per pound depending on the grade of aluminum that you have. With a national shortage for aluminum and with so many vehicles becoming aluminum body-based instead of steel-based, we have seen more and more people having a desire and demand for aluminum which has resulted in the price increase.
Copper Is Strong…For Now
Copper prices have been relatively strong, although with the election questioning right now we did see the market drop about $0.04 early today. We have seen a nice increase in the last few days which was positive, but with the stock market having large swings back-and-forth from week to week it’s been very confusing on where the markets are and where the markets are going right now. I think that this is going to be a transitional year and we just have to wait a little while to get a little more clarity.
Reported Non-Ferrous Scrap Prices (10/28 – 11/3):
|Philadelphia, PA||Yellow Brass||$1.40 / lb|
|Rockaway, NJ||#1 Bare Bright Copper Wire||$2.65 / lb|
|St. Cloud, MN||Insulated Copper Wire||$0.90 / lb|
|Durham, NC||#1 Copper Tubing||$2.45 / lb|
|Bloomington, IL||#2 Copper Tubing||$2.30 / lb|
|Barstow, CA||Brass Shells||$1.00 / lb|
|Cheektowaga, NY||ACR||$0.80 / lb|
|Seattle, WA||Romex Wire||$1.11 / lb|
|Miami, FL||6063 Extrusion||$0.50 / lb|
|St. George, UT||Stainless 316||$0.35 / lb|
|Longmont, CO||Aluminum Cans||$0.30 / lb|
|Laval, Quebec*||Copper Transformers||$0.20 / lb|
Steel Has Been Quiet
With oil and gas prices continuing to be at a very low level, we have not seen much movement up or down for the steel market going into November. We do not expect to see any type of large swings for the rest of 2020 in the steel markets; as most consumers have already pre-purchased or planned out what they’re going to be doing for the balance of the year.
We are looking for early indications of 2021’s first quarter; which won’t come until December of this year and that will give us a better idea of where the markets are. Also, touching on the Election again, knowing which candidate wins will also have an impact on oil prices; which in turn will have an impact on transportation and iron scrap.
Reported Ferrous Scrap Prices (10/28 – 11/3):
|Urbana, IL||Shreddable Steel||$4.75 /CW|
|Townsend, MA||Light Iron||$0.03 /lb|
|Cohoes, NY||Tin||$0.06 /lb|
|Siloam Springs, AR||Composition Scrap||$100 /ton|
|Indianapolis, IN||Shreddable Steel||$115 /ton|
|West Deptford, NJ||Cast Iron||$0.07 /lb|
|Deerfield Beach, FL||Rotors||$0.09 /lb|
|Houston, TX||Light Iron||$5.00 /CW|
|Greenbay, WI||Unprepared HMS||$0.05 /lb|
|Covington, GA||Scrap Iron||$115 /ton|
|Skowhegan, ME||Unprepared Cars||$0.0425 /lb|
Other Metal Markets
Gold has barely moved and overall we have seen great shifts- but the election will determine even more for the next few weeks.
Catalytic Converter Market News
BROUGHT TO YOU BY:
Last week was a real market shakeup with the stock market moving all over the place and affecting multiple precious metal prices. While these prices have recovered to the levels that they started out last week, we’ve been talking to the team at RRCats.com and asking them to start to provide a better pricing chart for you to know where the three precious metals are moving trend-wise. We should have this posted by the end of the year and it will give you a better idea of the market movement and trends over the last few weeks. In the meantime, if you’re looking to sell your catalytic converter; you can always send the team at RRCats.com a picture of your catalytic converter or the serial number for easy quoting.
Scrap Catalytic Converter Prices This Week (10/28 – 11/3):
Cat Type/Serial Number
|JSH62||$274 / @|
|Small Foreign||$104/ @|
|Regular Domestic||$193/ @|
Hopefully, many of you are continuing to move metal even as we start to see winter weather creeping into many parts of the country. Remember to stay safe, scrap often and until next week we will scrap you later.
- How The US Election Could Affect Scrap Prices – 10/28/20
- Why Do Oil Prices Affect Scrap Prices?
- What is Aluminum Extrusion?