Copper Falls Again… – 10/2/19

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Scrap of the day to you! 

We hope that everyone has been busy and has been finding lots of new accounts and trying to weather the storm of a market that seems to be turning in the wrong direction week by week. Unfortunately, in the last week, we have seen markets become a little more jittery with the iron and copper markets both declining. We are not surprised to hear more and more weight minimums, at scrap yards for ferrous metals.

We have been monitoring the situation and overall, we think that this is going to be a little more of a long haul until things get back to the way that we want them to, but we will continue to watch this.

Quick Numbers

  • 70% – The amount that Nickel is up this year which has led to higher stainless prices.
  • 2009 – September 2019 marked the lowest factory activity since June of 2009.
  • 60% N- Globally, the number of garments purchased annually by the average consumer jumped 60% from 2000 to 2014

Social Scrap from Our Facebook Group

We have all been there. Whether it was a lightning rod coated with copper or steel “copper” wire. We have been in the position where you think that you hit the jackpot only to be let down before, during, and after the scrap yard uses the magnet test. This week we saw Greg B. post about this exact situation and was sorely let down as the magnet broke the news to him. 

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Non-Ferrous Market News

Copper Continues To Fall

In what has been a very tumultuous week for the copper prices, we are watching these markets closely as they are continuing to decline. These markets have been in a decline for most of the summer and nothing has changed over the last few weeks. We have been watching this closely and after seeing a large copper drop on Tuesday that soon recovered later on in the day off of negative manufacturing news; we are not surprised to see different events like this taking place.

The only non-ferrous market that has been relatively strong or at least climbing has been the nickel market, which has affected the stainless steel prices.  We have continued to see these markets be relatively strong over the last few months and this has continued moving forward. 316 stainless steel has been climbing as well, and because of the higher nickel content inside, we have seen more material and higher prices.

With the meeting happening between the Chinese in the United States this month; we are hoping to hear more positive news coming out. We are not overly optimistic as it seems like these are going to be slow meetings over time, but we are still hoping to see positive moves.

Reported Non-Ferrous Scrap Prices (9/25 – 10/1):

Location

Material

Price

Bend, OR Power Supplies $0.05 / lb
Rockaway, NJ #1 Bare Bright Copper Wire $2.20 / lb
Auburn, AL #2 Copper Tubing $1.50 / lb
Port Arthur, TX #1 Copper Tubing $2.02 / lb
Woodstock, IL #2/3 Mix Copper $1.75 / lb
Bronx, NY Aluminum Siding $0.30 / lb
South El Monte, CA Insulated Copper Wire $0.45 / lb
Rapid City, SD Car/Truck Batteries $0.15 / lb
North Little Rock, AR Brass $1.25 / lb
Newberry, SC Aluminum Cans $0.20 / lb
West Monroe, LA Sheet Aluminum $0.25 / lb
Deerfield Beach, FL #1 Copper Tubing $1.90 / lb
CHECK CURRENT PRICES

Ferrous Market News

Bad Steel News Continues…

We said this last week and nothing has changed. If you don’t like bad news then skip the next section, as this market has continued to be in very rough shape. With the market looking very difficult right now, we are not surprised to see some of the prices reacting the way they are with markets down another $10-$12 per ton in the last week.  In the midwest, we hear that there will be a further price drop maybe double of that on the East Coast, as the East Coast at least has an export market that can be loaded into multiple barges.

Reported Ferrous Scrap Prices (9/25 – 10/1):

Location

Material

Price

Lincoln, NE Shreddable Steel $25 /ton
Freehold, NJ Light Iron $0.03 /lb
East Millinocket, ME #1 Steel $60 /ton
Monett, MO Automobiles $70 /ton
Calera, AL Shreddable Steel $120 /ton
Cincinnati, OH Cast Iron $60 /ton
Wallaceburg, Ontario* Light Iron $80 /ton
Sturgis, MI Incomplete Car $110 /ton
Denver, CO #1 Steel $40 /ton
Richmond, IN Shreddable Steel $80 /ton
Manchester, CT #1 Steel $50 /ton
CHECK CURRENT PRICES

Other Markets

Gold has dropped below $1,500 per ounce and we have seen the platinum markets pulling back, as well. In other markets, the stock market has been in a bit of a decline after having a very great month of September and an overall good third quarter. Oil has been jumping up and down as political news has been the underlying factor and we are continuing to monitor other markets, as well.

Thank You.

Please share any stories that happened from other places that you have been as well as different observations that you have seen or made a difference scrapyards. We love seeing the prices that are reported and we would like to continue to see and hear more information from you

– Tom

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