Hope Could Be Coming!!!
Yesterday we heard that there could be extended trade talks next week between President Trump and President Xi. These extended conversations led to a jump in copper pricing and we are looking forward to more potential jumps soon.
We’ve been watching the market along with other items such as oil and gas prices to see what’s going on and it’s been very interesting to see. Further down, we talk about where we think the market is going the upcoming summer months.
5% – Oil price increase this week
2 Years – Lows in copper prices hit late last week
2.5 Years – Lows in steel prices
Social Scrap from Our Facebook Group
We always look at the stories and tips/tricks for scrap metal stories- but the week was different. This post from iScrapper Dave W. made us laugh and we wanted to share a little truck humor with you.
With so many things going on right now it’s nice to get a little humor and we appreciate this little joke and we hope you will as well.
Boom!!! Copper finally is jumping and we are loving it! Let’s hope that we can get a bigger jump in the market with a possible trade deal and tariff eliminator next week. We saw the copper prices jump about $0.10 in the last 9 trading days and we’re hoping that this is a trend that will continue. With another week or so before the meeting between both presidents in Japan, we do expect the market to slightly pulled back but we’re really hoping the extended meeting that President Trump mentioned will become a real jumping off point for the commodities market, especially copper to be back and running.
In the last two months, we saw the oil prices declined sharply and one reason is that the United States is producing more oil and gas than ever before and has actually become the world’s leader in exporting different energy products. As the tensions are mounting in Iran, we did see the oil and gas prices shoot up 3 to 5% in the last few days but overall we are still much lower than expected. Lower energy and gas prices will lead to a cheaper way of melting and moving different steel, copper, and aluminum items.
Reported Non-Ferrous Scrap Prices (6/12 – 6/18):
|Winnebag0, MN||#1 Copper Tubing||$1.90 / lb|
|Rockaway, NJ||#1 Bare Bright Copper Wire||$2.30 / lb|
|Lenox, IA||Insulated Copper Wire||$0.40 / lb|
|Mulberry, FL||Bronze||$1.00 / lb|
|Chicago, IL||Sheet Aluminum||$0.25 / lb|
|Leland, NC||Stainless Steel||$0.25 / lb|
|Brooklyn, NY||Brass||$1.50 / lb|
|Sioux Falls, SD||ACR||$0.80 / lb|
|Seattle, WA||Aluminum Thermo-Pane/Break||$.30 / lb|
|Pittsburgh, PA||Romex® Wire||$0.80 / lb|
|Sweeny, TX||Aluminum Cans||$0.40 / lb|
|Laurel, MS||#2 Copper Tubing||$1.90 / lb|
Unfortunately, the steel and the iron market have continued to be decreasing over the last three months and we have seen another drop over the last week. With the raw iron ore prices being so high, however, we are hoping that we soon see a reversal in the scrap iron market and a hopeful increase in the pricing.
Several things that we have already mentioned in previous weeks and in previous months such as the low energy prices and the tariff problems with the Chinese have all contributed to the steel market being down so much. It does not look to be getting updated anytime soon and we will be watching it especially after the meeting in Japan next week.
Reported Ferrous Scrap Prices (6/12 – 6/18):
|Checotah, OK||Light Iron||$90 /ton|
|Frankfort, NY||Shreddable Steel||$115 /ton|
|West Deptford, NJ||Cast Iron||$120 /ton|
|Gaffney, SC||#1 Steel||$60 /ton|
|Mineral Wells, WV||Shreddable Steel||$60 /ton|
|Woodburn, OR||Light Iron||$120 /ton|
|Memphis, TN||Cast Iron||$120 /ton|
|Fort Recovery, OH||#1 Steel||$90 /ton|
|Middlesex, VT||Rotors||$175 /ton|
|Eagle River, WI||Tin||$35 /ton|
|Stittsville, Ontario*||Cast Iron||$125 /ton|
We have seen the catalytic converter market picking up steam over the last week as palladium and rhodium prices have risen. Well, platinum prices have been relatively flat the other two markets have really seen an increase of 7 to 10% in the last week and a half and that has contributed to some of the prices reaching near the record highs we saw the beginning of this year. We’ve also seen the gold prices increasing with the market it in $1,345 per ounce which have led to higher electronic pricing.
There have continued to be markets that have been on affected by some of the stock increases and the potential trade deal such as the nickel market and the aluminum market as both of these have continued to be decreased, depressed, and have suffered along with the entire 2019 pricing swings. We are hopeful that this will also resolve itself and that we have seen the bottom of the market.
We might delay our report next week and do it on Thursday or Friday depending on when the actual meeting happens in Japan or we will have a special report to help keep everyone in on what is going on overseas so we can get this figured out and hopefully push some good news to everyone as soon as possible.
- Last Week’s Report: The Only Metal Going Up Is Gold, For Now
- What Are Metal Tariffs & How Do They Affect Scrap?
- 5 Top Work Boots for Safety & Comfort for Scrapping