Hopefully, you’re all continuing to enjoy the summer and have been finding lots of different scrap that has been getting tossed during summer cleanouts. Something to think about is the report that there was a large increase in consumer spending in 2018 so far, that means there may be more things on the curbs waiting to be scrapped.
There has not been to too much positive news in the metals market with most prices dropping off the last week, but we have continued to pay attention to where everything is going.
Non-Ferrous Scrap Market
With copper prices continuing to weaken, more reports of tough for exporting overseas especially to China, this will continue to be a wait-and-see market.
We have tried to pull out some positive news in the market and I think that we may have found it. We read a couple of reports from major banks that talk about the forecast of increased copper consumption in the next 5 to 10 years. While everyone wants higher prices today, it’s important to look down the road and many banks are saying that the market could continue to weaken as supplies tighten which would cause the prices of copper to increase.
Suggested Reading: Should You Separate Chrome & Yellow Brass?
Sometimes you have to look at the shorter-term and put blinders on and try to look at the forest through the trees to see where the market could possibly be headed.
Increase of Copper Soon?
We try not to be in the opinion based business, but multiple buyers believe that the market will stay at these levels for the remainder of 2018. Based on those different reports and opinions it would not shock us to see the market beginning to increase towards the Spring of 2019 with a possible return of $3.00-3.50/lb for different grades of copper.
Reported Non-Ferrous Scrap Prices (7/11 – 7/17):
|Winter Springs, FL||Aluminum Siding||$0.47/lb.|
|Rockaway, NJ||#1 Bare Bright Copper Wire||$2.40/lb|
|Albany, OR||#2 Copper Tubing||$2.28/lb.|
|Athens, AL||Cast Aluminum||$0.37/lb.|
|Westbury, NY||Dirty AL/Copper Fin||$0.80/lb.|
|Dothan, AL||#1 Copper Tubing||$1.90/lb.|
|Portland, TN||#2/3 Mixed Copper||$2.05/lb.|
|Sault Ste Marie, Ontario*||Aluminum 6061||$0.22/lb.|
|Deptford, NJ||Aluminum Siding||$0.39/lb.|
|Millville, NJ||Stainless Steel||$0.27/lb.|
|Green Bay, WI||Motherboards||$0.70/lb.|
|Meridian, MI||#3 Aluminum||$0.40/lb.|
|Fort St. John, British Columbia*||#1 Bare Bright Copper Wire||$2.00/lb.|
Ferrous Scrap Market
We have seen the price of steel drop, including the last week with the overall market dropping about $12 per ton. We continue to see declines and many of these are caused by the tariff problems that are going on as well as multiple reports that there are strong supplies right now. Strong market supplies will generally mean that the prices will be affected in a downward trend.
Suggested Reading: Why Do Scrap Yards Have Weight Requirements For Steel?
Reported Ferrous Scrap Prices (7/11 – 7/17):
|Vernal, UT||Shreddable Steel||$90.00/ton|
|Escondido, CA||Light Iron||$180.00/ton|
|Grand Junction, CO||Shreddable Steel||$100.00/ton|
|Buffalo, NY||Light Iron||$140.00/ton|
|Fenton, IL||Sheet Iron||$165.00/ton|
|Great Falls, MT||Shreddable Steel||$70.00/ton|
|London, Ontario*||Light Iron||$260.00/ton|
|Russellville, AK||#2 Heavy Melting Steel||$9.00/cw|
Other Scrap Metal Market News
Gold has continued to decrease in value and has been approaching $1,200 per ounce. While the highly sought after yellow metal declining, we are also seeing the price of Palladium and platinum decline. This seems to continue to be a trend of all of the questions going on in the market right now.
Please continue to ask us questions, post your prices, and continue to talk to each other inside of the Facebook group. The interactions that we’ve seen from people posting prices, pictures of loads, and other scrap discussion, has been really interesting to watch.
Scrap ya later!