Today we would love to give you about 420 reasons we love copper. But with many scrap yards across the country paying $4.20/lb for items like bare bright, we are going to let those scrap yards and numbers do the talking. With the price continuing to stay very steady, we are seeing unexpected welcome prices being stable. The initial impact and problems from the war in Ukraine took a toll on the market about a month and a half ago, since then, we have seen relative steadiness, and we have seen most markets stay strong.
We talked about the massive price per ton increase in the steel market during January and February into early March, but we did warn that many decreases could come. With oil and gas prices continuing to stay high, we have started to see a decrease in the steel price, with markets down $60 per ton over the last two weeks.
Non-Ferrous Prices & Market Status
Copper – SELL
Aluminum – SELL
Brass – HOLD
Copper Wire – HOLD
Stainless Steel – SELL
One of the most exciting takeaways that we have had from this Ukrainian mass has been the push for more commodities to be mined inside of the United States instead of relying on many other countries to produce them. While the environmental impact could be debated, the current administration has pushed not to allow many resources to be mined. It has stalled many potential projects inside of the United States for things like copper mines in Nevada and Arizona and oil drilling and fracking across the country.
Many of these commodities that could be mined would help the overall longevity of the commodity markets as populations grow and more items need to be made for new consumers.
While there are still many commodities instead of United States, we have seen materials like aluminum and copper start to stay inside of the country as more furnaces and smelting operations are being installed throughout the United States. This will help keep copper flowing quicker, and we will be less reliable in countries like China by many products with more extended shipping periods and different tariffs in place there.
Non-Ferrous Price Chart of the Week
Ferrous Prices & Market Status
#1 Steel – SELL
Shreddable Steel – SELL
Light Iron – SELL
Cast Iron – HOLD
Complete Car – SELL
Has mentioned in the opener, we have seen the price of steel drop by about $60 per ton in the last two weeks. This should not come as a surprise as many of these markets elevated and escalated so quickly that it was almost inevitable to have a rapid decline.
What we expect in the upcoming months is solid demand for most commodities. Even with the looming talks of a recession, many goods will continue to be a high demand, which will lead to stable prices for a while.
With the price of oil and fuel increasing, we will expect to see menu prices staying higher to negate fuel costs. But overall demand is there, but with many people suspect that this market could have a turnaround in the second half of the year, we are carefully watching to see what happens.
Ferrous Price Chart of the Week
Catalytic Converter Prices & Market Status
Catalytic Converters – SELL
We did see a little bit of a bump on Monday in the catalytic converter prices in the particular PGM group, but we did see those prices pull back and go back to the levels that have been seen steadily for the last three weeks. Over the last few weeks, we have seen a very stable market with catalytic converter prices averaging around $185 each nationwide.
With different prices changing due to different metal grades, do you need to be able to know how to work with a buyer that follows all of these grades and doesn’t just spit out prices randomly? With many pop-up catalytic converter buyers across the country not following proper protocols, you should be very careful with who you deal reputable companies take years to develop.
Over the last week, we’ve read multiple articles with many large electric vehicle manufacturers talking about the shortage of supplies for significant items like nickel, lithium, and cobalt. These three primary metals make up the electric vehicle batteries. Without a steady supply, many predict that the prices for electric vehicles will go up so quickly, and replacement battery costs will remain extremely high. With all of these things taking place, many countries continued reliance on the Chinese for these precious metals has made the prices even harder to predict.
Please continue to comment and ask questions on any of our social sites like YouTube so we can learn about what you are interested in and want us to research for you. Have a great week of scrapping, and we will talk next week!