Copper Stands Still, Steel Drops More – 10/14/20

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Boo! 

Hopefully, that introduction did not scare you, as we have Halloween a little over two weeks away. What might be scarier is that we have seen stable prices two weeks in a row leading into the election and we’re not positive where that’s going to lead but hopefully it conTinues not only stabilized but increases over the next few months. But we’ve learned through election times is that there are a lot of question marks inside of the global market and especially inside of the United States market that refers to different pricing and tax changes which will lead to discrepancies and changes either in a new administration or an existing one.

Let’s dive into some of the market news that we have seen over the last few days and of course feel free to comment and ask questions during our live Wednesday at 1 PM Eastern weekly report.

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Quick Numbers

• $0.01 – Movement in copper per pound week over week.
• $500 – Movement in gold from low to high over the last 3 months.

Social Scrap from Our Facebook Group

We like cool. We like scrap. So…we like cool scrap. This week scrapper iScrapper Claudinei S. found an old fireplace circa 1856. Some things (even if you would not decorate with them in your home!) are too cool to scrap and it would be great to find out the stories that this fireplace has heard over the last 170 years. Thank you for sharing Claudinei!

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Non-Ferrous Market News

Copper Is Waiting For Election Results…

With so much fear about the copper market, as well as most other metal commodities in limbo right now; we are waiting to see what will happen with the election. Many people think that the Chinese are going to have a heavy hand in the commodities markets over the next few years in trading. As the Chinese have been buying more commodities and growing across the world over the last 20 years this should not come as a surprise. What we are looking for is how policy changes over the upcoming year will or could affect the markets overall.

Copper prices have remained steady and have shown strength this year, which is surprising with so many other commodities like oil being very turbulent. Even gold has shown signs of large fluctuations with the market having a $500 per ounce range over the last six months.

Reported Non-Ferrous Scrap Prices (10/7 -10/13):

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Ferrous Market News

Steel Is Falling

The iron market has had a relatively choppy few months with the market up and down $30 per ton and unfortunately, this week we are in a downward market trend. While many overseas buyers have slowed down, we have seen more restrictions on shipping and the export markets which has led to more material staying inside of the United States and with less competition you’re going to see lower prices, even if the demand is there.

On top of that, you will see oil prices at very low levels which will make transportation less expensive and will keep the price of steel and iron down as many more iron ore mines in the world are being brought back to near full capacity.

Reported Ferrous Scrap Prices (10/7 -10/13):

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Other Metal Markets

As mentioned a little earlier we have seen prices relatively stable and aluminum is one of those stable markets. But because of export restrictions, like with steel, we have seen less competition for aluminum and countries that are trying to import continue to get hit with tariffs. Recently we saw Europe having large tariffs levied against them on billions of dollars worth of aluminum which has led to the aluminum prices staying near the lower levels that we have seen.

Catalytic Converter Market News

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We have seen the three precious metals jumping over the last few days with rhodium leading the way. We saw over a $1000 decrease in the rhodium prices and then we saw the same amount of money increased into the markets. While it’s difficult to get a handle on the market and when it’s jumping like that, you can continue to work with our RRCats.com to help you learn.

It’s very difficult to learn and find companies that will buy your Catalytic Converter and make you feel comfortable, and the team at www.RRCats.com is trying to do just that. With the Catalytic Converter market consisting of rhodium, platinum and palladium, our team continues to look at the prices and adjust them daily as the market moves, and guarantee price quotes for seven business days.

Scrap Catalytic Converter Prices This Week (10/7 -10/13):

Thank You.

We hope that you are staying busy and continuing to follow our weekly reports. If there’s anything that you would like to see us add to the reports, please let us know as we are always open to new ideas, questions, and of course opinions. We look forward to talking to you more about what’s going on with the scrap market next week and until then, we will scrap you later.

– Tom

Related Articles:

• Where Are Scrap Prices Before Election? – 10/7/20
• How Gas Prices & Scrap Prices Are (or Are Not) Related
• Coolest Scrap Metal Finds

*Canadian Dollar