With the summer already half over we have started to hear about how prices are beginning to heat up themselves and we may start to see the markets increasing come August. On top of all that, we have the possibility of trade deals taking shape and meetings happening next week.
Needless to say- we’re excited.
- 1 Year High – Nickel prices near 1 years highs.
- $0.09 per lb UP (not really) – That was the increase on Friday 7/19 in copper that quickly eroded.
- $10 per ton – Increase we have seen from multiple reported prices on steel jumps
- 1 Week – Until the US and the Chinese meet again to discuss trade tensions in person- this is the first in person meeting between negotiators since May.
Social Scrap from Our Facebook Group
There are posts that we do not want to write, but posts that deserve to be written. There is a very active member in multiple scrap metal Facebook groups that has passed away. Jeff Laughren was a great asset to both our group and another scrap metal group and he has passed away along with his friend David Grant, also a scrap metal enthusiast. We want to wish our best to their friends and families and we pray that they pull through as well as they can.
Copper has been in a very funny mood lately going up down and all around. Last Friday we saw a large increase in the market of about $0.09/lb and we quickly told many of our supporters through Patreon that there was no reason for the increase to happen and no one should get excited because it was off of speculations from the federal reserve interest rate cut. That card isn’t scheduled to happen until the end of July and people got excited and started trading in over the next few days we’ve seen the copper market going down and erasing all of the gains.
Very few reported prices showed a large $0.05-$0.07/lb increase to mimic what we saw in the training market and that was part of the reason that we knew nothing crazy was actually happening.
Reported Non-Ferrous Scrap Prices (07/17 – 07/23):
|Searcy, AR||Prepared Aluminum||$0.25 / lb|
|Rockaway, NJ||#1 Bare Bright Copper Wire||$2.38 / lb|
|Richmond, VA||Brass||$1.30 / lb|
|Sun Valley, CA||#1 Copper Tubing||$2.20 / lb|
|Sarasota, FL||Aluminum Cans||$0.33 / lb|
|Columbus, GA||Clean ACR||$1.13 / lb|
|Addison, IL||Insulated Copper Wire||$0.40 / lb|
|Houston, TX||Electric Motors (Copper)||$0.08 / lb|
|Maple Grove, MN||#2 Copper Tubing||$1.90 / lb|
|Finksburg, MD||Sheet Aluminum||$0.20 / lb|
|Rolla, MO||Car/Truck Batteries||$15.00 / @|
|Chatham, Ontario*||#2/3 Mix Copper||$2.60 / lb|
Good news! In the last few days, we’ve been talking multiple people and we have now heard from three different sources throughout the country in different areas of price increases. On top of that, we started to see price increase is creeping into the report and prices and we’ve been seeing increases over the last week. Also, we heard of a potential jump in pricing as soon as the first week of August of a minimum of $10 per ton across the board.
The summer is always a funny time and you add in all of the political strife as well as economics and tariffs into the equation and it certainly makes it hard to figure out what’s going on. We have continued to watch and are happy to see some of the increases that seem to be taking place.
Reported Ferrous Scrap Prices (07/17 – 07/23):
|San Diego, CA||Unprepared HMS||$80 /ton|
|Georgetown, TX||Cast Iron||$20 /ton|
|Lincoln, IL||Tin||$0.02 /lb|
|Moyock, NC||Shreddable Steel||$0.04 /lb|
|Philadelphia, PA||#1 Steel||$60 /ton|
|Minneapolis, MN||Cast Iron||$0.10 /lb|
|Vincentown, NJ||Unprepared HMS||$120 /ton|
|Warsaw, IN||#1 Steel||$100 /ton|
|Memphis, TN||Cast Iron||$80 /ton|
|Holmen, WI||Light Iron||$35 /ton|
|Sarnia, Ontario*||Shreddable Steel||$70 /ton|
While nickel prices have now hit one your highs we have not seen a drastic increase in the stainless steel markets. We have seen a few cents per pound of an increase but nothing to be writing home about or getting too excited over.
We have started to see the platinum price is creeping up over $50 per ounce in the last month which will help many of the catalytic converter prices. Some people ask us how much of each metal is inside of each catalytic converter and it depends on the cat and the company. Some companies tend to use more palladium, some tend to use more platinum, and some tend to use more rhodium as others use a healthy mix of all of them while making their coating that goes on top of the ceramic or metal foil inside of catalytic converters.
As always we welcome all ideas, questions, and different things that we can help you out with that will help increase your scrap metal knowledge. If you join our Patreon support her page you’ll be able to get tips, tricks, and more importantly different and quicker updates in pricing for scrap.
- Steel’s Down, But Is It Staying There? – 7/17/19
- What Are Metal Tariffs & How Do They Affect Scrap?
- Scrapping Aluminum Wire & Why It Can Pay Off