Happy to Be Here!
We are happy to be seeing so much positive news across the nation as many businesses are beginning to re-open and hopefully you and your family are staying healthy and safe. We have been watching the Scrap market over the last week and there has not been too much of a change, but there have been changes on how different scrap yards are receiving material and that could lead to different pricing changes.
We have been looking at the prices of oil which have had multiple days in a row showing an increase in pricing, which will affect many other commodities. Copper prices have been the talk of the commodities world with the overall market still remaining strong with all things considered.
- 30 Million – The number that unemployment has risen. The good news is it looks like people are going back to work.
- 16% – Copper prices are down 16% overall this year but still ahead of many other commodities.
Social Scrap from Our Facebook Group
Talk about getting you to smile- Look at this creative project that iScrapper Louis S. came up with! Reusing things for new uses is one of the best examples that we have seen in the past from scrappers and this holds true as well. We have been seeing some incredibly creative projects over the last few years but sometimes short and sweet makes it a great one. Are you creative with your scrap? Let us know!
Ouch, Aluminum Falling…
Aluminum prices have begun to slip down again with a weekly price report showing prices down another penny or two per pound. Aluminum has continued its struggle over the last two years starting with the tariff situation with the Chinese and now continuing with weaker demand due to the virus outbreak. Aluminum is a strong and often found metal in the scrapping world and we have seen too much of an overall economic slowdown to be able to have any positive outlook on the aluminum markets moving forward.
Suggested Reading: 7 Common Types of Aluminum Scrap
Copper prices have remained steady over the last week with the market being in a strong position overall. With copper being used in so many applications from electronics to auto manufacturing we want to be able to monitor the markets as manufacturing returns through the country. As scrap yards slowly begin to reopen and redo their different procedures for receiving material we are watching different comments from scrap yard owners as well as customers so we can learn what people are thinking about the markets overall.
Reported Non-Ferrous Scrap Prices (4/29 – 5/06):
|Mt. Airy, NC||Aluminum Cans||$0.25 / lb|
|Rockaway, NJ||#1 Bare Bright Copper Wire||$2.00 / lb|
|Billings, MT||Aluminum Copper Radiators||$0.60 / lb|
|Gainesville, GA||Compressors||$0.07 / lb|
|Carrolton, GA||#1 Bare Bright Copper Wire||$1.95 / lb|
|Detroit Lakes, MN||Aluminum Siding||$0.15 / lb|
|Cohoes, NY||#2 Copper Tubing||$1.60 / lb|
|Port Huron, MI||Sheet Aluminum||$0.20 / lb|
|Austin, TX||Car/Truck Batteries||$0.15 / lb|
|York, PA||Lead Batteries||$0.20 / lb|
|Toronto, Ontario*||Brass||$1.70 / lb|
Iron Is Recovering
As we have started to see oil prices finding a little more footing, we have also seen the iron and steel market beginning to recover more and more. One of the fears that we have on the steel market is that a lot of manufacturers that have not been selling material because of shutdowns could possibly begin to flow more metal into the market then there is demand right now. On top of that, the export market continues to be extremely difficult as shipping changes have drastically changed how the material is being pushed out of the country.
We have started to see light iron prices creeping up over the last week with the market rising about seven $7 to ten $10 per ton. Overall, we know that this is a very funny and complex time so we are looking at it as quickly and efficiently as possible. Most scrap yards seem to have instituted basic minimums for purchase and the overall market is going to be a little foggy for a little while until we figure out what’s going to be going on moving forward.
Reported Ferrous Scrap Prices (4/29 – 5/06):
|Lincoln, NE||Light Iron||$30 /ton|
|Billings, MT||Unprepared Cast Iron||$25 /ton|
|Mentor, OH||Shreddable Steel||$0.04 /lb|
|Mulberry, FL||Light Iron||$0.025 /lb|
|Hurlock, MD||Light Iron||$3.00 /CW|
|Odessa, TX||#1 Steel||$60 /ton|
|Freetown, MA||Automobiles||$95 /ton|
|North Phoenix, AZ||Shreddable Steel||$0.015 /lb|
|San Jose, CA||Shreddable Steel||$65 /ton|
|Cheektowaga, NY||Unprepared HMS||$110 /ton|
|Norfolk, VA||Light Iron||$0.04 /lb.|
As we talked about during some of our live sessions, our sister company www.RRCats.com has continued to update and quote people with their catalytic converters. We have been showing people through different charts and talking about during our weekly iScrap reports, how the markets have changed so swiftly over the last few weeks and months. These high-value precious metals have continued to have large changes and have made it very difficult for people to see different quotes on catalytic converters that were 50% of what they were two months ago.
We hope that everyone is continuing to get through these tough times and are starting to see the light at the end of the Scrap tunnel. We are looking forward to the prices recovering going to the end of the second quarter and the third quarter, as the markets seem to be loosening up on some of the extreme tensions that they had.
- Is Copper Stable? – 4/29/20
- How Gas Prices & Scrap Prices Are (or Are Not) Related
- How Long Can COVID-19 Live On Scrap Metal?