Copper Is Dropping…Fast – 5/2/19

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Good Day iScrappers!

Sorry, we’re a bit late…

Every year when we do this report there are always 2 to 3 weeks that are not fun to report on and this is one of those weeks. With the market in a bit of disarray and in decline, we have seen lower prices across the board on almost every single metal and it does not seem to have a real stopping point right now.

It seems like every week there is contradicting market news and we are continuing to watch and learn how these markets are reacting even with the stock market were strong.

Quick Numbers

  • 11 cents – This is the amount that copper dropped on Wednesday, the day we would normally have our weekly report.
  • $33 per ton –  this is how much iron and steel prices have gone down over the last two weeks on average through our reporting prices. 

Social Scrap from Our Facebook Group

If you’re wondering how reporting scrap prices on the iScrap App can help you, look no further than this perfect example from Scrapper Mike. He reports prices for his local scrap yard on the iScrap App, that way he can keep track of where prices are going throughout his various trips. He can keep tabs on what is going down or up and by how much.

Have you started posting prices on the iScrap App yet?

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Non-Ferrous Market News

This is never something that people want to see, hear, or have affected into their wallet but we have seen the price of copper go down about $0.13/lb since last weeks report. On Wednesday alone the market dropped $0.11 on the news that the Chinese economy is not surging the way that it was expected to. 

Many people are predicting that the market will still slowly recover as the US and Chinese trade negotiations continue to move but we are in a waiting pattern and this might be the new norm for the rest of the year. 

Reported Non-Ferrous Scrap Prices (4/24 – 4/30):

Location

Material

Price

Shelburne, Ontario* #1 Copper Tubing $0.35 / lb
Rockaway, NJ #1 Bare Bright Copper Wire $2.30 / lb
Lowell, MA Insulated Copper Wire $0.40 / lb
Florence, AL Aluminum Cans $0.45 / lb
Hopkinsville, KY #1 Flashing Copper $2.30 / lb
La Grande, OR Brass $0.90 / lb
Roswell, NM Aluminum Siding $0.30 / lb
Hull, GA Stainless Steel $0.30 / lb
Uniontown, PA Computer Wire $0.25 / lb
Houston, TX Bronze $1.40 / lb
Woodstock, IL #2/3 Mix Copper $2.15 / lb
Billings, MT Electric Motors (Copper) $0.10 / lb
CHECK CURRENT PRICES

Ferrous Market News

With most of the mills and furnaces at full capacity or at overcapacity with supply we have seen the pricing on steel really dropping down. With the manufacturing seeming to be a very high output in the US we still need a large number of iron products but with the oversupply in the summer coming and the possibility of furnace is shutting down due to maintenance and overheating because of the temperatures we have a lot of uncertainty right now. 

Reported Ferrous Scrap Prices (4/24 – 4/30):

Location

Material

Price

St. Marys, Ontario* Light Iron $140 /ton
Lubbock, TX Light Iron $100 /ton
La Grande, OR Unprepared Cast Iron $ 50 /ton
Marietta, GA Light Iron $160 /ton
Uniontown, PA Light Iron $110 /ton
Webb City, MO Unprepared Cast Iron $120 /ton
Houston, TX Cast Iron $120 /ton
Omaha, NE Shreddable Steel $120 /ton
Griffin, GA Tin $0.05/lb.
Greenbay, WI Sheet Iron $ 85 /ton
Pickering, Ontario* Unprepared Cast Iron $175 /ton
CHECK CURRENT PRICES

Other Markets

This is not been a fun week even though gold has slightly increased as we’ve been watching all the markets in a downturn. 

Thank You.

We are researching all types of other possibilities for the markets turn in the way that they have and reaching out to other industry professionals but what most people are saying right now is they have no idea when the drop in the iron and steel Market can stop as it has continued week over week for the last month and a half. Hopefully, we can report some better news next week until then we will scrap you later.

– Tom


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