Copper prices are UP. Mic drop. We wish that we had the ability to say that every single week but let’s enjoy it as it comes. With the copper markets continuing to stay strong and increase to 2020 highs and nearing highs that we haven’t seen in the last year…it’s been a very positive sign for the recovery stages.
While there are multiple commodities that are struggling we can trace those direct correlation’s inside of the economics of the world and see that the markets are going to be in a bit of a tailspin for a short while. As we continue to monitor all of these markets it’s going to be very interesting to see what happens going into the third-quarter and how scrap yards react to these prices going up.
- 9 – As in the number of years high that the gold prices have hit. ($1,818.45 per ounce)
- $0.02 – Copper is $0.02 off of the high prices that we saw over the last 12 months.
Social Scrap from Our Facebook Group
30,000 pounds. That is the number of batteries that scrapper Alex V. is about to move from a friend’s farm (that is the type of friend that we like to have!). Once in a while you get a job that comes about that not only makes you smile but gives you the ability to work on projects and open up new opportunities. We love seeing so many likes and more importantly the comments. Those comments will show the power of the group giving advice on how Alex can make more $$$. Scrap on…scrap on.
As we said in the opening paragraph we have seen the price of copper not only increasing but as we have stated many times before, the prices have stabilized and that becomes the key to higher prices. While so many people have asked us where we thought the market would be going after the initial COVID-19 outbreak, there was not much indication until the middle of May that the manufacturing industry was starting to stabilize and that’s coinciding with the copper markets increasing.
While we have seen the copper markets increasing there have been multiple non-ferrous markets that have continued to struggle. Let’s take aluminum for example – aluminum has remained at multi-year lows with very little to no signs of improvement coming anytime soon. We have started to see small signs of life in the nickel market, but overall that market still has been beaten down because of the low output in the aerospace industry. This will lead to continued decreased prices for stainless steel, as well as for other specialty high-temperature alloys.
Reported Non-Ferrous Scrap Prices (7/1 – 7/7):
|York, PA||Aluminum Siding||$0.25 / lb|
|Rockaway, NJ||#1 Bare Bright Copper Wire||$2.40 / lb|
|Gentryville, IN||Aluminum Cans||$0.22 / lb|
|Janesville, WI||Insulated Copper Wire||$1.31 / lb|
|Charlotte, NC||400 Series Stainless Steel||$0.05 / lb|
|St. George, UT||Copper Transformers||$0.05 / lb|
|Dayton, OH||Zinc||$0.15 / lb|
|Lakeland, FL||Yellow Brass||$1.36 / lb|
|Billings, MT||Cast Aluminum||$0.20 / lb|
|Morrow, GA||Sheet Aluminum||$0.17 / lb|
|Dry Ridge, KY||#1 Copper Tubing||$1.65 / lb|
|Nampa, ID||#1 Bare Bright Copper Wire||$1.85 / lb|
With the oil prices remaining relatively steady or even week over week, we have been watching the steel market for any signs of recovery. While we saw a decrease in steel prices of $10-$20 per ton across the board in the month of June so far things have leveled off going into July. One of the primary concerns is when large manufacturing will get ramped up, although that has been a positive piece of news recently as we have seen the auto sales increasing in the United States.
With more people switching over to individual transportation instead of public transportation, we have read multiple articles talking about how car dealerships have had increased demand and have seen more people coming in to buy cars more now than they were before the pandemic began. This will mean in the upcoming months the domino effect of more cars using more gas will eventually increase the gas prices, but right now because so much gas is being pumped and not being used we will see lower gas prices at least for the next 2 to 3 months.
Reported Ferrous Scrap Prices (7/1 – 7/7):
|Evansville, IN||Shreddable Steel||$70 /ton|
|Newport, KY||#1 Steel||$70 /ton|
|Fostoria, OH||Shreddable Steel||$70 /ton|
|Wilmington, DE||#1 Steel||$140 /ton|
|Winder, GA||Shreddable Steel||$3.50 /CW|
|Greenbay, WI||#1 HMS||$115 /ton|
|Sioux City, IA||Scrap Iron||$60 /ton|
|Carbondale, IL||Sheet Iron||$0.03 /lb.|
|Saginaw, MI||Complete Automobiles||$85 /ton|
|Greensburg, PA||Sheet Iron||$4.00 /CW|
|Alvin, TX||Light Iron||$0.04 /lb.|
Other Metal Markets
Gold prices have now hit nine-year highs as multiple investors are still bearish on the stock market recovery that we have seen over the last few months after hitting lows back in March. Many investors have re-invested their money in the stock market but there are still multiple funds in larger groups that have continued to turn to gold as a safe haven not knowing where and when this recovery will continue to take place for the year.
Catalytic Converter Market News
We have seen the precious metals market increasing over the last week and we have seen the pricing for catalytic converter’s going up, as well. But we have started to see multiple buyers dropping out of the market due to the instability in the pricing structure right now and many larger catalytic converter consumers were hit so badly with the decrease back in March that they still have not recovered.
The team at www.rrcats.com continues to be purchasing catalytic converter’s and has not had one interrupted week over the entire year and continues to quote based on the serial numbers and pictures. If you’re looking to learn more about catalytic converter’s you can always go to the YouTube channel, as well.
Scrap Catalytic Converter Prices This Week (7/1 – 7/7):
Cat Type/Serial Number
|JSH62||$204 / @|
We know that times are tough and we look forward to these weekly reports as it keeps us in touch with what scrappers are looking to hear about, as well as sharing some of the updated market information that we learned week to week. If you’re looking for more information that we are not providing or a specialized topic that you want to learn about, do not hesitate to let us know and we will make sure to get it over to you quickly. Have a great week and we hope that you move more Scrap than you did the week before.