Are Copper, Steel Rebounding? – 11/6/19

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Scrappers!

Hopefully, everyone has been staying busy and enjoying the beginning of the fall weather. For those of you on the West Coast, we hope that the fires that have been happening have not affected you, your loved ones or your friends.  We have been watching the Scrap market and hoping to see some type of an uptick over the last few weeks and that’s exactly what has happened. Not only have we seen the copper prices rebounding, but we started to see the iron price’s rebounding as well, and we’ll talk about that later on. 

Suggested Reading: 5 Ideas For Scrapping During The Fall

We have been listening to many people’s opinions on what’s going on with our website and we wanted to let everyone know that we have been aggressively working on a plan to make it even better than ever. Also, we have been adding more features and testing them on the backend, as well as having upgrades on the iPhone and in the Android apps.

If you have any suggestions, be sure to email us!

Quick Numbers

  • $10 per ton– Increase in November steel prices
  • Stable- Copper has stabilized over the last week after the 7-10 cent gains we saw.

Social Scrap from Our Facebook Group

We love seeing what and how scrappers do to track their loads and their prices and iScrapper Kenny S. has done just that. This shows the loads that he has cashed in dating back to 2017 and the prices that he gets on sheet iron….good and bad news is that he tracks it so he sees the ups and the downs. 

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Non-Ferrous Market News

Aluminum Gets Weaker, Copper Rebounding

Let’s talk about the elephant in the room and that is the aluminum prices. This market has continued to become weaker and weaker as the weeks and months have gone on in 2019 and it pretty much is bottoming out right now. Now, we’ve been watching all different grades of aluminum; if you have mixed metals that might have steel or stainless, you will see a very low price for them, because there’s little overseas demand for mixed metals.

As we watch the trade deal that is going on between the United States and the Chinese, we are hoping to start to see the ports in China opening for some of the lower grades of metals which have been traditionally shipped there over the last 25 years. Now, without knowing when this will be signed, it seems like we will have a little bit of a harder time getting these metals pushed through and getting any type of good pricing.

Let’s talk about the copper market and the increase that we have seen over the last few weeks. Now, not only have we seen an increase in the copper markets, but what we have talked about over the last few years is the stabilization of the markets. And that is exactly what we have seen over the last 2 to 3 weeks. Overall, we have seen an increase of about $.10 per pound and that increase has held true over the last week. Why is that so important?  Stabilizing instability in the markets will provide scrapyards the ability to lock in contracts and sell their scrap at higher prices. When they can begin to have a stable market, they can begin to push those increases to their customers and that will help make everyone more money.

The rest of 2019 seems to be a bit of a mystery, as we continue to wait for the tariffs and trade deals to go into effect. In the meantime, we are enjoying the small increase in copper prices before the holidays are here, but we do not expect any type of large jumps outside of a possible strike in one of the Chilean mines or a media trade deal that would be unexpected. For those of you that have told us, sent pictures, or posted online they are saving and holding onto their materials; this may be a good long term strategy, but for the short term we do not see any large price increases for the rest of 2019.

Reported Non-Ferrous Scrap Prices (10/30 – 11/05):

Location

Material

Price

Manassas, VA Sealed Units $0.10 / lb
Rockaway, NJ #1 Bare Bright Copper Wire $2.27 / lb
Garland, TX Copper Transformers $0.28 / lb
Hartford, KY #1 Copper Tubing $2.00 / lb
Owatonna, MN #2 Copper Tubing $1.55 / lb
West Sacramento, CA Insulated Copper Wire $0.35 / lb
Phoenix, AZ Aluminum Siding $0.30 / lb
Mukilteo, WA Brass $1.00 / lb
Labelle, FL Romex® Wire $0.50 / lb
Danville, IL Carbide $4.00 / lb
West Fargo, ND Sheet Aluminum $0.20 / lb
Jefferson City, MO EC Wire $0.45 / lb
CHECK CURRENT PRICES

Ferrous Market News

Iron & Steel Start To Jump

We have finally started to see an increase in the iron and steel markets; as we have seen prices jump about $10-$15 per ton for the last two weeks. Many larger scrapyards and traders that we’ve talked to over the last month expected an increase come November and sure enough, we are seeing the increase comes to fruition right now. Now with the market being so weak for the last 2 to 3 months, we have seen lower grades of steel flowing into the bales, shredders, and export markets, as the higher grades seem to be left on the sidelines.

We talked about this over the last few weeks and we expect some of the larger yards or even the midsize yards that have been holding onto higher grades of scrap steel, start to push this into the market and potentially flood the market with some of these higher grades, as the prices have been pushed higher.

Reported Ferrous Scrap Prices (10/30 – 11/05):

Location

Material

Price

Waxahachie, TX Scrap Iron $0.015 /lb
Eddyville, KY Shreddable Steel $90 /ton
St. Cloud, MN #1 Steel $80 /ton
Valparaiso, IN Cast Iron $50 /ton
Jefferson City, MO Shreddable Steel $20 /ton
Naples, FL #1 Steel $35 /ton
Boise, ID Light Iron $10 /ton
Streetsboro, OH Shreddable Steel $0.025 /lb
San Diego, CA Cast Iron $30 /ton
Lake Charles, LA #1 Steel $60 /ton
Victoria, British Columbia* Cast Iron $30 /ton
CHECK CURRENT PRICES

Other Markets

The nickel prices have come down slightly which have affected the price of stainless steel, as we have seen it lower a few cents per pound. We’ve also seen the gold prices continue to hover around the $1500 per ounce mark which is good for the electronics and other safe-haven industries that depend on gold.  We have continued to see the stock market is very strong and we are hoping to see this continue for the rest of this year; although we always see a bit of a drop off towards the end when many of the major traders take off for the holidays. This is the same summer effect that we saw in August when a lot of the traders go on vacation and we start to see little bumps in the market that are not normal.

Thank You.

We appreciate the continued opportunity to work with you and teach you about Scrap and hear your opinions on where the market is. Let us know if there are any other topics that we can discuss that can help you out and in the meantime, we hope that you are scrapping safe and cashing in.

– Tom

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*Canadian Dollar