Copper Creeps Up & BIG NEWS This Week – 8/29/18

Good Day iScrappers!

With the markets all over let’s get some good news to you first thing…the new iScrap App Homepage is up and running with more information than ever! Make sure you check it out with all new daily updated prices from National Averages as well as more news and information on the markets for a Scrappers point of view – we hope that it helps you longterm learning and knowing the market.

(Make sure to bookmark it and you also can access it from the iScrap App on iOS & Android as well)

Now onto the markets….with the markets relatively slow over the last week, we have seen some positive news. Copper prices rose about $0.05/lb. over the last week (it was up $0.08/lb. before a drop this morning), and we have seen scrap yards increasing their prices as well. 

With the stock market continuing to thrive and the economy having an 18-year-high on consumer confidence we have continued to see positive news throughout the economic world but we are having trouble having that translate into scrap prices.

Quick Stats/News

  • Watch your percentages…scrap yards are really getting tight on wire recoveries.
  • Two of the three major markets are at or near all-time highs.
  • The US mourns the loss of John McCain, a US Senator and War Hero. Our condolences to his loved ones.

Non-Ferrous Markets 

With the Chinese recently instituting an additional tariff on all types of scrap metal including aluminum, we have seen a lot of nonferrous prices drop. We continue to have a lot of questions about the Insulated Copper Wire market and there seem to be very few answers right now. More and more buyers are coming into the market but the prices are so depressed because they know that the Chinese are not buying material that you should not be surprised with low prices on the insulated copper wire.

With additional tariffs going into place on the aluminum market going into China, we have continued to see the aluminum prices fall especially on lower grades of material.

Suggested Reading: What Are Tariffs?

Reported Non-Ferrous scrap prices (8/22-8/28):

Location

Material

Price

Port Orchard, WA brass shells $0.90/lb.
Rockaway, NJ #1 Bare Bright Copper Wire $2.42/lb.
Athens, AL Dirty Brass $0.75/lb.
Buffalo, NY Catalytic Converters $25/ea
Bristol, PA Steel BX $0.15/lb.
St. Marys, Ontario* #1 Bare Bright Copper Wire $2.80/lb.
Leesville, LA Aluminum Clips $0.30/lb.
Las Vegas, NV Electric Motors (Copper) $0.10/lb.
Jamestown, NY #2/3 Mixed Copper $2.00/lb.
Sherman, TX #1 copper tubing $1.25/lb.
North Vernon, IN Lead Batteries $0.25/lb.
Cohoes, NY Aluminum Scrap $0.42/lb.
Garland, TX Stainless Steel $0.40/lb.
Hayward, CA Aluminum Rims $0.60/lb.
Ocala, FL Insulated Copper Wire $0.30/lb.

Ferrous Markets

“I was talking to a customer and trying to explain to him why the price of raw steel is going up and scrap prices are going down.”

With the unrest in Turkey, China, and all of the different tariffs that are in place in other countries scrap has been the victim of a price collapse. Other countries have to pay more money to export steel into America, and the only place that they can get the additional money is from having cheaper scrap steel coming into their furnaces.

We have continued to see steel prices falling with the market down another seven to $10/ton. It doesn’t seem like the market has bottomed out with some people reporting that the markets could be down another $20/ton in September.

Reported Ferrous scrap prices (8/22-8/28):

Location

Material

Price

Bristol, PA Light Iron $0.05/lb.
Brighton, Ontario* #1 Heavy Melting Steel $200/ton
Norcross, GA Light Iron $110/ton
Council Bluffs, IA Scrap Iron $155/ton
Rochester, IN Shreddable Steel $155/ton
Kileen, TX Light Iron $80/ton
Union City, GA Shreddable Steel $90/ton
Russellville, AK #2 Heavy Melting Steel $8.00/cw
Bridgeport, CT Light Iron $115/ton
San Antonio, TX Shreddable Steel $70/ton

Other Markets

Gold has stayed over $1,200 an ounce which has helped some of the electronic prices, but the overall market is still trying to figure out where the bottom is going to stop. 

Oil has fallen slightly which has been a good thing for the gas tanks, and this is one of those rare times where oil and metal prices are not falling in line.


Related Articles: