Despite Huge Market Drops, Copper Is Down $0.06 – 2/26/20

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Good Day Scrap World!

We hope that everyone has been staying busy and has been following the up-to-date National Price Averages that we post here at iScrap every day. Hopefully, some of these price updates will give you a better idea of what’s going on in dozens of different pricing trends on different metals. If there’s anything that you want to see added don’t hesitate to let us know.

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The last week has not been very kind to the stock markets but fortunately, the copper markets and the iron markets have not been hit nearly as hard. For the last few months, we’ve been wondering why we haven’t seen a bigger increase in copper, as the stock market has continued to surge but now, the stock market has seen almost a 2000 point pullback this week alone due to Coronavirus fears and copper has been hit relatively soft.

We will go over some of these pieces of news later on but don’t forget Catalytic Converter prices have been at all-time record highs and you can always go to RRCats.com to get pricing for your catalytic converters.

Quick Numbers

  • $0.06 – Drop in copper this week – not bad considering the stock markets 6% fall.
  • 15% – Oil prices down since the Coronavirus outbreak.

Social Scrap from Our Facebook Group

We love seeing new members in our FB group – but we really love seeing the hoards of copper and brass that they have put together. New member and iScrapper Elijah H. shared a photo and asked a question about his hard work on copper and brass and with 56 comments, we were glad and interested to see your responses. 

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Non-Ferrous Market News

Unfortunately, you’re going to hear two words that are generally not put together used more and more often. Corona. Virus. The Coronavirus outbreak which has stricken dozens of countries with deaths among almost 100,000 cases with most of those being in China, has caused a major disruption in the commodities world, as well as the trading. A few examples of things that we’ve seen over the last month have been a pullback on copper of almost $0.30 per pound and oil prices drop about 15%. Will these have immediate ramifications on pricing at the gas pump and at the scrap yard, we are hoping to see some of these virus woes get pushed down going into the spring months.

The virus has impacted the market in ways that you might not think about. With many supply chains originating in China now being disrupted and ships being brought back into the ports, we have seen a disruption in the trading world. We are watching the markets and trying to get a grasp on how and why these have changed the way that they have, it all originates to the initial outbreak in China. The other countries are trying to self contain this.

Reported Non-Ferrous Scrap Prices (2/20 – 2/25):

Location

Material

Price

Norwalk, OH Aluminum Siding $0.25 / lb
Rockaway, NJ #1 Bare Bright Copper Wire $2.25 / lb
Crossville, TN Aluminum Rims $0.32 / lb
Greeley, CO #1 Copper Tubing $1.94 / lb
Ottumwa, IA Brass $0.90 / lb
Manassas, VA #2 Copper Tubing $1.90 / lb
North Highlands, CA Romex® Wire $0.75 / lb
Tulsa, OK Aluminum Cans $0.35 / lb
Evansville, IN Insulated Copper Wire $0.50 / lb
Maricopa, AZ Motherboards $0.15 / lb
Las Vegas, NV Insulated Copper Wire $1.25 / lb
Commerce, TX Compressors $0.05 / lb
CHECK CURRENT PRICES

Ferrous Market News

After seeing a large decrease in the iron prices at the beginning of the month, we have seen a level market over the last week and a half. Where the market is going to go from here is yet to be determined, as we closely watch it hoping to see an increase, but with the oil prices dropping in the way that they have, we do not expect an increase anytime in the next two months. We’ve seen all grades of iron and steel decreasing in price which shows a steady across-the-board market that has been following the same pattern and also has had an impact due to the coronavirus as well.

Reported Ferrous Scrap Prices (2/20 – 2/25):

Location

Material

Price

Lakeland, FL Shreddable Steel $4.00 /CW
Puryear, TN Automobiles $0.055 /lb
Waterloo, IA #1 Steel $85 /ton
Vincennes, IN Light Iron $95 /ton
Lafayette, LA Sheet Iron $85 /ton
Axtell, KS Shreddable Steel $60 /ton
Spencer, IA Unprepared P&S $85 /ton
Wheat Ridge, CO #1 Steel $85 /ton
Santa Ana, CA #1 HMS $110 /ton
Norfolk, NE Shreddable Steel $75 /ton
Rolling Prairie, IN Light Iron $80 /ton
CHECK CURRENT PRICES

Other Markets

We’ve already mentioned that oil prices have gone down which will lead to a lower price at the gas pump. Other things we have watched for have been the continuing record highs in the rhodium market, as well as the palladium market leading to some incredibly steep catalytic converter prices. Our sister company RRCats.com has been quoting thousands of people with their catalytic converters and our best advice to you is to be able to move your material now while there are all-time record highs. Many people think that the market will go up but history shows us that sharp inclines the way that we’ve seen, could also lead to sharp declines relatively quickly.

Thank You.

We have made a few new videos on some of the different items that we’ve seen and been asked about but we always look forward to hearing your questions so we can put together more videos to help you and your scrap search improve. We appreciate you tuning in every week and giving us videos, pictures and commenting, as well as starting multiple conversations inside of our social media groups. Talk to you next week!

– Tom

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