We hope that everyone has been staying busy and especially paying attention to the scrap metal market. With prices, tariffs, and international news making headlines right now you need to make sure to really being content with the markets moving a lot.
The most recent news is the trade problems with Turkey. With the Trump administration doubling the tariffs we have seen the steel and copper market really dropping. Overall we think that it’s going to be at least 6 to 12 months until these problems get sorted out and with that in mind you need to know that we are in for a very turbulent and rocky market.
- Turkey Concerns- Tariffs doubled….bumpy road ahead
- Chinese Talks…or lack thereof.
- Gold sinking- it normally goes up when other metals go down.
Non-Ferrous Markets News
These markets are in for a very up and down ride for the foreseeable future. In our opinion, until a lot of trade agreements get signed and implemented we are going to be in a wait and see mode for at least six months. With these markets in such limbo, our advice is to constantly move metal and not hold onto it unless you don’t really need the money and you want to be able to wait for rebound.
Our opinion is that you will be holding onto your material for a long time because these markets don’t seem to be settling down anytime soon.
Suggested Reading: Should You Save or Cash In Your Scrap Metal?
With the markets going up and down and mostly down recently, we have to continue to see how the overseas negotiations with not only tariffs but different trade concerns will pan out.
Reported Non-Ferrous scrap prices (8/8-8/14):
|Rockaway, NJ||#1 Bare Bright Copper Wire||$2.30/lb.|
|Byhalia, MS||#3 Aluminum||$0.34/lb.|
|Lindsay, ON*||Aluminum Rims||$0.78/lb.|
|Hatboro, PA||Stainless Steel||$0.40/lb.|
|Dekalb, IL||#1 copper tubing||$2.00/lb.|
|Richwoods, MO||#1 Bare Bright Copper Wire||$1.75/lb.|
|Great Falls, MT||AL Extrusion||$0.25/lb.|
|Elizabeth, KY||Cast Aluminum||$0.20/lb.|
|Lakeland, FL||#2 copper tubing||$1.90/lb.|
|Madbury, NH||aluminum siding||$0.30/lb.|
|Ventura, CA||#1 Bare Bright Copper Wire||$2.05/lb.|
|New Haven, MI||Insulated Copper Wire||$0.90/lb.|
|Harper, KS||Prepared Aluminum||$0.30./lb.|
Ferrous Markets News
The big news is the trade concerns with turkey and the falling steel prices. These iron and steel markets are going to be in for a very rude awakening for the foreseeable future with the trade concerns of Turkey taking over. Turkey is one of the largest importers of scrap steel and since Friday we have seen such fluctuations it is a real cause for concern. In Turkey, they have seen their currency drop 40% year to date, and these falling steel prices and concerns with politics will not help.
Reported Ferrous scrap prices (8/8-8/14):
|Miami, FL||Shreddable Steel||$0.04/lb.|
|Lewisville, TX||Light Iron||$80/ton|
|Levittown, PA||Shreddable Steel||$100/ton|
|Exeter, RI||#1 HMS||$180/ton|
|Hatboro, PA||Light Iron||$0.06/lb.|
|Russellville, AK||#2 HMS||$9.00/cw|
|Ypsilanti, MI||Shreddable Steel||$175/ton|
|Springhill, FL||Light Iron||$100/ton|
|Princeton, WV||Shreddable Steel||$150/ton|
|Brighton, ON*||#1 HMS||$230/ton|
Aluminum has continued to decline as well as gold because of all of the concerns in the overall metals market. We don’t think that this will stop anytime soon but hopefully, we can see it slowed down at one point. Until we hear more positive and updated news get ready for a bit of a roller coaster downward the rest of 2018.
Scrap ya later!