We would like to take our first sentence to thank all of the first responders, food workers, healthcare workers, such as nurses and doctors; as well as the physicians’ assistants and all of the staff helping to push the paperwork and patients through as quickly and safely as possible. As we are now over two months into what has been one of the craziest periods in all of our lives, we continue to see hope growing out of this, as well as optimism.
While there has been bad news every single day with the number of people passing away and the number of people getting sick, we have started to turn the corner and it seems like the healthcare industry and the governments are getting a real firm grasp on the situation. We have started to see the oil prices steady a little bit, as we watch the market’s reaction to possible vaccinations and people returning to work. Later during this blog, we will talk more about copper prices increasing as well as other metal prices.
- $0.04 – Increase in copper prices week over week.
- $10 per ton – Average increase in steel prices week over week.
- $1,700- Gold has stayed above $1,700 per ounce for one of it’s longest periods ever.
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Copper Prices Have Stabilized
We have seen the copper prices not only stabilize over the last few days but also increasing as more people are going back to work and other scrap yards are beginning to re-open. Many people that live outside of the major areas in the United States are not seeing the devastation of sickness and death and do not have a firm grasp of what is going on. This has been difficult for everyone and the metal markets are not excluded from this. One of the biggest problems that we’re going to have moving forward is the consumption of metals and the restarting of industries. With so many automakers and other manufacturers delaying product production, as well as reacting to how consumers will buy things for the rest of the year there are a lot of questions yet to be answered.
We have continued to see an aluminum market that has been extremely weak and a stainless steel market that has not seen much growth, as well. These markets are very important to the long term nonferrous pricing and how they will be used moving forward.
Reported Non-Ferrous Scrap Prices (4/22 – 4/29):
|Mishicot, WI||Aluminum Cans||$0.10 / lb|
|Rockaway, NJ||#1 Bare Bright Copper Wire||$1.80 / lb|
|Colorado Springs, CO||#1 Copper Tubing||$1.85 / lb|
|Reno, NV||Electric Motors (Copper)||$0.08 / lb|
|Jefferson City, MO||#2 Copper Tubing||$1.55 / lb|
|Port Huron, MI||Brass||$1.00 / lb|
|Garland, TX||Steel Case Batteries||$0.20 / lb|
|Springfield, MA||ACR||$1.05 / lb|
|Pennsauken, NJ||Aluminum Siding||$0.21 / lb|
|Cohoes, NY||Lead Batteries||$0.17 / lb|
|Nampa, ID||Motherboards||$0.05 / lb|
|Burnt Prairie, IL||Aluminum Cans||$0.40 / lb|
Where Is Oil Going?
With the oil market all over the place, it has been extremely frustrating to try to figure out how this market is going to move forward in a positive manner. The market has been extremely reactive to the oil prices dropping into negative territory and then rebounding and it seems like every other day there is a new answer on where oil prices will go which will affect the iron market. Scrap yards and consumers of large amounts of scrap have taken notice of this and are constantly looking at all of the markets in new and different ways.
Suggested Reading: Why Do Oil Prices Affect Scrap Prices?
Reported Ferrous Scrap Prices (4/22 – 4/29):
|Charleston, WV||Shreddable Steel||$30 /ton|
|Port Allen, LA||#1 Prepared||$120 /ton|
|Buford, GA||Light Iron||$0.02 /lb|
|Grand Rapids, MI||Scrap Iron||$0.03 /lb|
|Bowling Green, KY||Sheet Iron||$55 /ton|
|Billings, MT||Incomplete Car||$10 /ton|
|Miami, Fl||#1 Steel||$0.04 /lb|
|Cincy, OH||Shreddable Steel||$55 /ton|
|Odessa, TX||Tin||$30 /ton|
|Philadelphia, PA||Light Iron||$40 /ton|
|Freetown, MA||#1 HMS||$130 /ton|
One of the most common questions that we have received is about the ongoing movement in all different markets. Take the catalytic converter market for example as rhodium, platinum, and palladium have been on the move the first four months of this year. We have seen massive changes in the markets with the most blatant example being rhodium dropping from $13,000 per ounce down to $3,000 per ounce and rebounding to the current level of $6,000 per ounce.
While you might not need to know about the exact prices per ounce for some of these precious metals, it’s good to know that the markets have jumped so much that when you use services like www.RRCats.com to sell your catalytic converter’s don’t be surprised when you see massive market movement. The same cat two months ago could’ve been worth twice what it is today.
We would like to continue to thank the healthcare workers and the first responders, as well as many people who are on the front line dealing with this pandemic. We know that as a nation and a world we will get through it together and we hope everyone has continued health during these difficult times. Stay healthy and scrap you later.
- How Oil Is Affecting Scrap Prices This Week – 4/22/20
- How Long Can COVID-19 Live On Scrap Metal?
- Tips For More Long-Term Scrap Customers