Copper Prices Recovering This Week – 3/23/22

HOLD OR SELL NON-FERROUS
HOLD OR SELL FERROUS

Holy Prices Scrapman!

Let’s talk about a market that seems to be driven by investors and not by consumers right now. We are looking at metal prices, and they continue to climb unsustainable long-term ways. With the amount of inflation going on not only inside of the United States but spreading throughout the world, we see the prices of commodities skyrocketing overall.

While it might be nice to have the metal prices increase when you have an unsustainable rise in prices across the map for things like iron, aluminum, and most other metals, you will see a significant pullback at some point. When it happens it’s going to happen in a tough way.

With the war going on overseas, we have seen a significant rise in prices due to this turbulent environment. These unsustainable prices will no doubt show weakness in the market, and when it happens, it will not be good.

Non-Ferrous Prices & Market Status

  • Copper –  SELL

  • Aluminum –  SELL

  • Brass –  SELL

  • Copper Wire –  SELL

  • Stainless Steel –  SELL

SELL. SELL. SELL. If you didn’t look above, we recommend selling every ounce, pound, or metal you’re holding as the overall markets have continued to decline in near-record ways. These increases in the markets have shown that these traders across the world on the commodity side of things are pushing for the needs to increase, and it seems like they’re growing to an unsustainable overall level. With copper prices outpacing overall inflation by multiple times over and adding that into gas prices and oil markets seemingly adjusting upwards almost day today, we will see more market problems moving forward. 

With the nickel market continuing to show muscular strength overall, we are seeing prices increasing on the stainless steel side of things and other products containing nickel. The instability in the overall market is going to show further signs of weakness moving forward, and the signs of deficiency are going to spill over into the consumer products. We are going to see significant problems when it comes a few months down the road, and oil prices continue to stay high. 

Non-Ferrous Price Chart of the Week

 

Ferrous Prices & Market Status

  • #1 Steel –  SELL

  • Shreddable Steel – SELL

  • Light Iron –  SELL

  • Cast Iron –  SELL

  • Complete Car –  SELL

If you have not noticed by now and most items that you could or would be holding onto for scrap values should be leaving your warehouses, garages, or pick-up trucks and being sold right now. With so much uncertainty across the country in the world, we have seen these prices at such high levels the best thing for you to do is protect yourself and cash out anything that you are holding. With steel prices approaching levels that we saw a few years ago due to the price of oil increasing so much this may be something that is either short-lived or could be here for the next few months.

With the unfortunate potential of a war spilling outside of Ukraine and into the world, we could see not only incredible inflationary rates but also a large pullback in the economy overall. This should not be taken lightly as these oil markets are going to continue to stay elevated with so many questions about the oil and the gas markets we could see this going for a considerable amount of time.

Ferrous Price Chart of the Week

Catalytic Converter Prices & Market Status

  • Catalytic Converters – SELL

With the markets regaining footing over the last few days we have started to see the prices increasing again. After the first two weeks of the Ukrainian war, we did see markets increasing especially on the Palladium side, and then we started to see a pullback the last few days. Since the middle of last week after our weekly report, we have started to see the Palladium numbers increasing again, leading to the markets going up overall. While these catalytic converter markets are far from the all-time highs that we saw in 2021, they are still at very high and sustainable levels, especially as tensions remain high in Europe and the Ukrainian conflict.

This conflict could continue to fuel higher catalytic converter prices as the world still has not been able to figure out what will happen in the short term and wear a large amount of the medals that were coming out of Russia will be able to be replaced from. These are all very fluid and uncertain questions continuing to see answers develop. 

Other Metal Markets

With thousands of men and women from the scrap recycling world meeting in Las Vegas, we are interested in seeing what comes out of the conference. We are expecting to see all types of information on things like battery recycling and the sustainability of some of the higher metal prices that we have been seeing over the last 18 months. Many of these metal markets are extremely hard to predict, and it’s nice listening to experts who can shed more insight into these markets in new and different ways. After developing more concrete information, we will share this with you over the coming weeks.

Thank You.

We have a couple of videos and podcasts that feature some interviews with family inside the Scrap business and with Scrappers. If you’re looking to be featured, interviewed, or even interview any of the people at iScrap, let us know so we can get it together.

– Tom

 


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