We hope that everyone is doing well and slowly enjoying multiple states re-opening in different phases across the country. We are especially excited that we saw such a nice increase in copper prices on Monday rising $0.11 per pound. On top of that, we’ve seen more positive commodity-based news with aluminum prices rising slightly and we have seen the catalytic converter market beginning to increase with their three precious metal price is going up at least 10% for each in the last few days.
On top of that, we have also seen multiple people talking about their yards reopening and different measures being changed to allow people to get back to work and produce and sell more scrap. Today, we have a lot of things to talk about but don’t forget next week we have our by monthly Q and A discussion, so don’t forget to ask any questions you have and we will get to them next week.
- $0.11 – A jump in copper prices on Monday (5/18/2020)
- 7 Years – Gold prices are now at 7-year highs.
- 7 Days – Oil prices have risen 7 days in a row.
- UP – While UP is not a number it is what the copper market, as well as Rhodium, Palladium, and Platinum have been doing lately.
Social Scrap from Our Facebook Group
At the end of the day, we are all about making money – aren’t we? Well iScrapper Jon F. shared a post about shredding money! While working at a scrap yard he put a car through a shredder that was filled with over $2,600 in forgotten cash!!! Talk about shredding money- literally! Fortunately, a few scrappers stepped in with some advice about getting new bills and we look forward to seeing how this story shapes out. It seems like one for the ages to us!
This has been a very positive week, with not only copper prices increasing but more scrap yards opening and different states opening, as well. On top of that, with more people getting back to work, we have seen the oil prices increasing and while you might not be excited to see that at the gas pump, we do need higher oil prices to help pump up the steel and iron markets, as well as the nonferrous markets. We have been monitoring all of our social media networks and we have been watching people talking about all of their copper prices and how they have been holding onto different materials.
Aluminum Could Be Going Up…
We are slightly optimistic hearing that there could be an increasing aluminum market, as many manufacturers are getting back to business and we will start to see the phase 1 trade deal slowly creeping its way into the manufacturing industry and commodity prices. We have not seen much of a movement of any type in the aluminum market over the last two years, other than in a downward trend and a price increase of any type is welcome.
Reported Non-Ferrous Scrap Prices (5/13 – 5/19):
|Crawfordville, IN||Insulated Copper Wire||$0.28 / lb|
|Rockaway, NJ||#1 Bare Bright Copper Wire||$2.00 / lb|
|Prestonburg, KY||Copper Scrap||$1.70 / lb|
|Hurlock, MD||Alternators||$0.15 / lb|
|Tampa, FL||Aluminum Litho||$0.45 / lb|
|Savage, MN||#1 Copper Tubing||$1.85 / lb|
|Lincoln, DE||Aluminum Siding||$0.25 / lb|
|Greenville, TX||ACR||$0.65 / lb|
|Oklahoma City, OK||Aluminum Cans||$0.25 / lb|
|Lacey, WA||304 Stainless Steel||$0.24 / lb|
|Palmdale, CA||#2 Copper Tubing||$1.47 / lb|
|North East, PA||Brass||$1.10 / lb|
We have heard a few rumors on the East Coast that there is a shortage of light iron and that is not completely surprising, but because of the shortage, we have seen a price increase in light iron of about $10 – $15 per ton over the last two weeks. While we have seen a price increase on light iron, we have not seen the same size increase on heavier grades of steel, as we continue to wait to see the economy reopening and re-improving its economic outlook for the rest of the year.
Heading into Memorial Day Weekend which has traditionally been one of the busier travel weekends of the entire year, we are expecting to see more people on the roads as states are re-opening their beaches, parks and other outdoor activities; so people can finally start returning to whatever the new normal is. We mention that because as oil prices start to increase, we are hoping to see more and more markets follow suit, and hopefully, we will see the steel and iron market increasing over the next 1 to 2 months as people get back to work and products begin to get sold again.
Reported Ferrous Scrap Prices (5/13 – 5/19):
|Ridgewood, NY||Scrap Iron||$0.02 /lb|
|Billings, MT||#1 Steel||$40 /ton|
|Kingsford, MI||Sheet Iron||$65 /ton|
|Rochester, NY||#2 HMS||$160 /ton|
|Pittsburgh, PA||Tin||$4.00 /CW|
|Grand Rapids, MI||Scrap Iron||$0.05 /lb|
|Tucson, AZ||Shreddable Steel||$70 /ton|
|Toledo, OH||Light Iron||$100 /ton|
|Springhill, FL||Shreddable Steel||$0.0375 /lb|
|Los Angeles, CA||Scrap Iron||$90 /ton|
|Springfield, MO||Light Iron||$50 /ton|
We know that finding good buyers of scrap metal or catalytic converter buyers, or e-scrap buyers is a very difficult thing. Our sister company, www.RRCats.com will be able to provide you updated price quotes on your catalytic converters because we follow the platinum, palladium, and rhodium markets very closely. These markets have all risen between 7 to 15% each for those metals over the last two weeks, which have warranted a nice price increase in the catalytic converter market.
On top of those three precious metals having a price increase, we have also been able to see the gold market hitting 7 1/2 year highs and we have even seen the silver market picking up steam over the last few weeks, as well. It seems like the country and the world is pulling out of the 8 to 12 week period of time that seemed to be as dark as could be and now we are seeing people getting back to work and metal prices increasing, as well.
As always, we appreciate the opportunity to serve you with more information and news in the scrap markets. We hope that you are remaining healthy and safe and we’d like to continue to thank all the first responders that are out there.
- Reopening The Economy: Help or Hurt Scrap? – 5/13/20
- 6 Preventative Measures for Scrap Metal Theft
- One Thing Scrap Yards Won’t Tell You About Scrap Prices