Copper Hits 2.5 Year Highs – 10/21/20

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Good News!!!

This is one of those times where reading the phrase good news is not just to catch someone’s eye but is actually good news. We have now seen copper prices rise to 2.5-year highs. Let’s repeat that, copper is now at 2.5-year high. That is such great news that we want to do a little copper dance because it makes us smile with so many other turbulent things going on right now.

While we have seen steel price is lowering slightly overall we are very happy with the market stability considering so much has changed this year with oil prices and exporting of material. These are shifts in the market that we are very happy about and we hope to continue to see these positive changes moving through the election season with markets rebounding and increasing quickly.

Quick Numbers

  • $0.06 – Jump in copper prices per lb on Tuesday.
  • $0.04 – Jump in copper prices on Wednesday. 
  • UP – With aluminum shortages on the rise we expect price increases soon.
  • $5 – Per ton, we have seen steel prices dropping this week. 
  • June 2018 – Copper hit the highest prices seen in over two years.

Social Scrap from Our Facebook Group

We love seeing ideas being thrown out there – EVEN if it means passing on jobs. iScrapper Dewayne C. talked about a large truck and asking the community if it was worth it. Some jobs – even if they are free – do not pay for themselves when special requests are made and this is a perfect example. This is also why the community of scrappers becomes so important. 

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Non-Ferrous Market News

Copper Prices Are Jumping!

As we mentioned in our opening paragraph we have seen the pricing on copper getting near 2.5 year highs, which haven’t been seen since early 2018. These copper prices have risen on the hopes of another stimulus deal getting put into action as well as positive economic data coming out of China. With the possibility of a stimulus being put into place and added into the economy with a pump of $2 trillion, we expect there to be further economic growth and more consumer demand for Equipment.

On top of that positive market news, we have also seen another growth quarter out of China which has allowed a further increased manufacturing output and has helped grow the need for more metals as the Chinese continue to produce more and more material.

Reported Non-Ferrous Scrap Prices (10/14 – 10/20):

Location

Material

Price

Arlington, TX Aluminum Cans $0.30 / lb
Rockaway, NJ #1 Bare Bright Copper Wire $2.65 / lb
Tuscaloosa, AL #1 Copper Tubing $2.00 / lb
York, PA Yellow Brass $1.00 / lb
Loves Park, IL Aluminum Copper Radiators $1.05 / lb
Pinellas Park, FL Insulated Copper Wire $0.50 / lb
Skowehegan, ME Cast Aluminum $0.15 / lb
St. George, UT Lead $0.35 / lb
Seattle, WA Stainless Steel $0.15 / lb
Allen, KY Bronze $0.75 / lb
Elmsford, NY Aluminum BX Cable $0.65 / lb
Sault Ste. Marie, Ontario* #2 Copper Tubing $2.91 / lb
CHECK CURRENT PRICES

Ferrous Market News

Steel & Iron Have Fallen

While we have seen another increase in copper we have seen another decrease in the iron market. Iron prices have continued to fall as consumer demand has not followed the amount of scrap that is being recycled right now. While we continue to look at these markets very closely, we do not see an uptick in the market as oil prices have remained low and because the prices for transportation have also stayed down we expect to see the iron market staying at lower levels for the rest of 2020.

Reported Ferrous Scrap Prices (10/14 – 10/20):

Location

Material

Price

Oklahoma City, OK Shreddable Steel $125 /ton
Chicopee, MA Light Iron $0.04 /lb
Colliers, WV Tin $0.06 /lb
Bradford, PA Rotors $190 /ton
Westville, IN Shreddable Steel $110 /ton
Carbondale, IL Light Iron $90 /ton
Vancouver, WA #2 Prepared $0.05 /lb
Steubenville, OH Scrap Iron $0.06 /lb
Rock Hill, SC Shreddable Steel $0.06 /lb
Oak Ridge, TN #1 Prepared $0.07 /lb.
Pennsauken, NJ #1 Steel $0.07 /lb.
CHECK CURRENT PRICES

Other Metal Markets – Aluminum Demand Increases

Over the last few weeks, we have seen and heard people talking about news stories regarding aluminum shortages. Those are true and we have now started to see an increased aluminum demand as prices have risen over the last 2 to 3 weeks and have begun to stabilize for the first time at higher levels in almost 2 years. We have seen a demand for aluminum increasing out of China and other parts of the world for increased manufacturing. On top of that, we continue to hear more companies talking about going to electric vehicles in those electric vehicles are going to require aluminum chassis for lighter weight and efficiency.

Catalytic Converter Market News

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Over the last few days, we have seen an increased demand for the precious metals going into the catalytic converter‘s as rhodium prices have climbed over ,000 per ounce and we have seen an increase in pricing for palladium and platinum. The team at RRCats.com has been updating us with the market prices and news as the market had a bit of a downturn with some negative talks of no stimulus happening early last week. Now has increased demand is picking up we have more shortages being talked about.

Scrap Catalytic Converter Prices This Week (10/14 – 10/20):

Cat Type/Serial Number

Price

EA6 $343/@
GD3 $547/@
JSH62 $282/ @
12606389 $307 /@
25130440 $213/ @
Small Foreign $96/ @
Regular Domestic $193/ @

Thank You.

We are excited to see prices is jumping for so many non-ferrous metals and we hope that this follows with the oil industry soon. We continue to wait for the Election results in less than two weeks which will help determine where a lot of the market prices are going to be moving going forward.

– Tom


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