Wow!!! This is the week that we have been waiting for to be able to report extremely positive news across the copper side of things…the MARKETS ARE UP! Let’s just hop right into things and go over them.
Non- Ferrous Markets
Copper has hit a large increase over the last week with the trading prices up over $0.12/lb. We have immediately seen larger brokers beginning to buy very aggressively because of the increase, and even with the spreads widening we still plan on seeing a large price jump over the next week in many markets.
Couple the large increase in prices, with the declining price of oil/gas for the first time in months, and you will help fuel this fire even more so. We have seen almost all of the copper markets increase and there are even some different buyers that have started to pop up buying different grades of insulated copper wire…which is a great thing for the U.S. scrap community.
Last week while being interviewed by Bloomberg News, and they were asking what we thought was going on with the markets and some of the trade and tariff restrictions with China. We tried to put it as gently as possible and said that the Chinese did not want to continue taking the garbage scrap from the world…and hopefully, this was the wake up that was needed.
Reported Non-Ferrous Prices (5/30 – 6/5):
- Great Falls, MT: Cast Aluminum, $0.30/lb.
- Rockaway, NJ: #1 Bare Bright Copper Wire, $2.77/lb.
- Woodinville, WA: Insulated Copper Cable, $0.55/lb.
- Sterling Heights, MI: Compressors, $0.10/lb.
- Santa Clara, CA: Insulated Copper Wire, $1.20/lb.
- Edmonton, Alberta*: #1 Bare Bright Copper Wire, $1.80/lb.
- Crossville, TN: Brass Radiators, $1.70/lb.
- Fort Myers, FL: Car/Truck Batteries, $0.14/lb.
- Catasauqua, PA: THHN Wire, $1.60/lb.
- Salem, OR: Yellow Brass, $1.65/lb.
- Hibbing, MN: #2/3 Mixed Copper, $2.00/lb.
- West Kelowna, British Columbia*: #1 Bare Bright Copper Wire, $1.00/lb.
- Elkton, KY: Stainless Steel, $0.35/lb.
- Maple Grove, MN: Low Grade Boards, $0.16/lb.
- Hayward, CA: Aluminum 6063, $0.75/lb.
- Sikeston, MO: Aluminum Breakage, $0.09/lb.
Ferrous Scrap Markets
Steel has unfortunately taken a hit with the markets dropping about $10-15 over the last week primarily on heavier grades of steel. We have seen this market drop and heard rumblings that the prices may fall another $10 per ton in the upcoming weeks due to a heavy supply of scrap steel hitting the markets over the last few months.
Cargo ships that were getting loaded and ordered have dropped by about 10% according to one larger scrap yard that we talked to, and those barges that would be going overseas to India and Turkey seem to be slowing for the next 2-3 month projection.
Reported Ferrous Prices (5/30 – 6/5):
- Sterling Heights, MI: Shreddable Steel, $0.075/lb.
- Urbana, IL: Scrap Iron, $165.00/ton
- Cincinnati, OH: Light Iron, $140.00/ton
- Everett, MA: #1 Prepared, $240.00/ton
- Wichita, KS: Shreddable Steel, $155.00/ton
- Ashville, NY: Sheet Iron, $185.00/ton
- Fort Myers, FL: Unprepared Cast Iron, $7.75/cw
- San Francisco, CA: #2 HMS, $170.00/ton
- Rockdale, TX: Shreddable Steel, $120.00/ton
- Elmira, NY: Light Iron, $140.00/ton
Other Scrap Markets
Gold has continued to hover around $1300 per ounce and continue to be a metal that is trying to feel itself out in this new world of trading and currency exchanges. Let’s think about gold since the U.S. officially abandoned the gold standard back in 1933. We have traditionally used gold as a real backing to the U.S. markets but has always been a very touchy commodity in its time.
Now gold is one of the metals that is used in the electronics world and has started to be used much less in the jewelry industries as other metals like platinum have taken a stronger hold.
Lets us know what you think about the current situations in the U.S. and in your area, thanks!