The two day meeting in China has begun and we have not heard many positive things so far. With this being one of the most important meetings happening between the US and the Chinese Since the month of May, we are hoping that we get some type of positive news. While the markets have been strong for the stock market we have not seen the base metal market improving.
All of these non-market movers could quickly be changed with a potential deal but with all indications that it will take several meetings or months to get something in the play we are in a wait and see mode.
- $1 trillion – The amount of money that the US Government plans to borrow in 2019 adding to the national debt.
- 10% Down – The drop in copper pricing per pound since April
- Meeting #2 – The Chinese and the US have already agreed to a second meeting to take place in September.
Social Scrap from Our Facebook Group
This was a great post to see because it highlights where and how scrappers make money. Some scrappers are fortunate enough to have big garages, barns, or areas to work on their scrapping – others make outdoor offices like scrapper Josh B. did and shared with us this week. Wherever and however you are scrapping it is great to see where you are and how you are doing it.
Non-Ferrous Market News
Copper Drops Again.
Copper prices have declined over the last few days and the increase we saw about 11 days ago has not only completely been erased, it’s dipped below that point. Copper prices are down about 10% since the 2019 highs back in April. This market is showing very little to no signs of improvement and everything will be hinging on a trade deal taking place before we can get to optimistic about the market and the pricing.
Don’t look now, but aluminum is fall too…
The aluminum market has continually been put into a tough position this year seeming to drop every single week. While we are expecting some type of positive news we have not seen or heard of anything and it really has been very tough as of late. It seems like we’re recycling the same comments week after week but with little to no earth breaking news we don’t have many new things to report.
Reported Non-Ferrous Scrap Prices (7/24 – 7/30):
|Puryear, TN||Aluminum Cans||$0.35 / lb|
|Rockaway, NJ||#1 Bare Bright Copper Wire||$2.41 / lb|
|Joplin, MO||Insulated Copper Wire||$0.50 / lb|
|Fontana, CA||Brass||$1.05 / lb|
|Port Angeles, WA||Sheet Aluminum||$0.32 / lb|
|Marlborough, NH||Electric Motors (Copper)||$0.05 / lb|
|Monroe, NC||Clean ACR||$0.96 / lb|
|Greenbay, WI||Lead Batteries||$0.13 / lb|
|Houston, TX||#1 Bare Bright Copper Wire||$2.37 / lb|
|Atlanta, GA||Sheet Aluminum||$0.20 / lb|
|Moses, WA||Insulated Copper Wire||$0.80 / lb|
|Gormley, Ontario*||Brass||$0.50 / lb|
Steel Looks To Recover, Soon!
This is where the information could start to get interesting with the market potentially picking up between $10-20 per ton over the next few weeks. We’ve heard that there will be an increase across the board on all steel prices and we are hoping to see that happening soon. We heard that the minimum you could be $10 and even could bump up to $10-20 per ton depending on your area of the country.
Reported Ferrous Scrap Prices (7/24 – 7/30):
|Santa Ana, CA||#1 Steel||$50 /ton|
|Manassas, VA||Light Iron||$70 /ton|
|Birch River, WV||Cast Iron||$100 /ton|
|Fyffe, AL||Unprepared HMS||$60 /ton|
|Franklin, TN||#1 Steel||$60 /ton|
|Weatherford, OK||Cast Iron||$70 /ton|
|Elkhardt, IN||Shreddable Steel||$90 /ton|
|Webster, PA||Unprepared HMS||$75 /ton|
|East Point, GA||#1 Steel||$100 /ton|
|La Grange, TX||Cast Iron||$70 /ton|
|Chesley, Ontario*||Shreddable Steel||$160 /ton|
Other Markets – India Playing A Big Part?
The overseas market has been picking up with the potential of India bringing in more scrap than ever. We have said over the last few years that the one thing that we need is a new market to be established to be able to get any signs of life into the Scrap industries.
Over the last few weeks, we have started to read different articles about India importing more material than ever before. This is especially because the Chinese have pulled out of many different recycling markets such as plastic, paper, and mixed metals. We’re hoping that these are positive piece of news but one of the problems that we have read about is that the market is in a severe pricing declined due to the Chinese pulling out of these markets
We continue to watch and listen for new pieces of news that could help so many people with the markets. Let us know what else there is that you’re looking for and we will get it to you.
- Are Prices Going Up? – 7/24/19
- How Do I Sell My Scrap Catalytic Converter?
- What Are Metal Tariffs & How Do They Affect Scrap?