We hope that everyone has been staying busy and making sure to continue watching the markets. With such crazy time is going on with tariffs, trade wars, and gas prices continuing to increase it should be an interesting summer, to say the least.
Let’s begin with a little news that might make you smile and cool you off on a hot day. 7-Eleven is giving out free Slurpee’s in honor of today being July 11, a.k.a. 7–11. Between 11 AM and 7 PM, you can go and get your free small Slurpee from your local convenience store. Now back to scrap…
Unfortunately, we have seen copper decrease another 2 to 3% over the last week and that’s largely due to the talk of continued tariffs between the US and China as well as many other countries. As scrappers, this is definitely going to be a really unfortunate thing to hear, but in the long term as consumers in the United States this may end up working out in our favor. The problem is the wait and see has no specific date so it makes it a little more difficult.
Non-Ferrous Market Report
With copper prices continuing to be on the decline we have been watching the market very closely and answering a lot of questions about where we think the market is going. With so many questions and more questions coming by the day, we continue to be in a waiting pattern overall.
If you’ve heard or seen any part of the news lately you know that these trade wars and tariffs are not going to be over anytime soon and we might see a chest-bumping match between the United States and China until they are able to sit down and talk about a proper resolution.
We continue to think that the market is still strong even with a drop of close to 20% in the last four weeks, we saw such a large increase over the last year that we have continued to warn people to sell their materials as quickly as possible. Nothing has changed even with the markets dropping as we continue to advise to move materials so you can have more money flowing into your pocket and not sitting in the garbage cans or boxes.
Reported Non-Ferrous Prices (7/4 – 7/10):
|Lake Wales, FL||Yellow Brass||$0.70/lb|
|Rockaway, NJ||#1 Bare Bright Copper Wire||$2.50/lb|
|Union Grove, WI||Al Extrusion||$0.55/lb|
|Alton, IL||Catalytic Converters||$1.00/lb|
|Kokomo, IN||#1 Bare Bright Copper Wire||$2.30/lb|
|Sun Valley, CA||Electric Motors||$0.15/lb|
|Fenton, IL||#1 Copper Tubing||$1.82/lb|
|North Adams, MA||#1 Bare Bright Copper Wire||$2.29/lb|
|Thousand Palms, CA||EC Wire||$0.20/lb|
|Everett, MA||Old Sheet Aluminum||$0.50/lb|
|Waterloo, NY||Aluminum Scrap||$0.47/lb|
We’ve heard that the steel market might be weakening by $10-$15 upcoming weeks, and we are continuing to pay close attention to that. While the steel prices have been one of the steadier markets in 2018, with so many types of trade wars and other possible problems we are just trying to figure this out.
We read a report recently about the gas in or your prices and one analyst predicted that oil could possibly double in price sometime in the next 2 years. If the oil market increased that much we would see a whole new set of problems that we could not even predict.
Reported Ferrous Prices (7/4 – 7/10):
|Palmdale, CA||Shreddable Steel||$60/ton|
|New Haven, CT||Light Iron||$180/ton|
|Chatham, Ontario*||Shreddable Steel||$100/ton|
|Medford, WI||Sheet Iron||$160/ton|
|Russellville, AK||#2 Heavy Melting Steel||$9.50/cw|
|Seymour, TN||Shreddable Steel||$120/ton|
|Norton, KS||Light Iron||$100/ton|
|Munford, KS||Shreddable Steel||$150/ton|
|Sun Valley, CA||#1 HMS||$0.06/lb|
|Waupaca, WI||Sheet Iron||$170/ton|
|Waterloo, NY||Scrap Iron||$240/ton|
|Tarentum, PA||Light Iron||$190/ton|
Most other markets have been relatively soft considering so much is going on in the world and in the commodities market. We are continuing to be in a wait and see mode to see how gold reacts as it has hovered around $1250 per ounce.
Let us know anything else that you think is going on or ideas that we can use to help you learn more about scrap metal.
Scrap ya later!