Is No Movement Good Movement? – 2/20/20

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Spring Is Coming!

We hope that everyone on the East Coast has been enjoying a very mild winter. We have been enjoying a bit of a stable scrap market over the last few days but we are hoping to see a little bit of an increase soon. Overall, the markets have not moved much since we spoke last week, even with the extra day in between.

We have closely been watching the markets and we have not seen much sign of life other than in the Palladium and Rhodium markets hitting all-time highs again.  Copper has been relatively flat in the last few days and we have not heard much news about steel.

Quick Numbers

  • 75,000+: People that have been invected by the Coronavirus.
  • $12,400: The current price for Rhodium per ounce. WOW. This is immediately affecting the scrap prices of catalytic converters.

Social Scrap from Our Facebook Group

This week we wanted to highlight this video posted on our Facebook group that had a lot of scrappers scratching their heads guessing what this material was. It turns out it is a high-chrome alloy mixed with steel which is used in an asphalt pulverizer. Learning something new every day!

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Non-Ferrous Market News

No movement is good movement?

Seeing very little signs of any movement in the last two weeks essentially has been normal. While the prices have not been up to levels that we would like before the corona virus’s outbreak, at least we have not seen them do any more of a decline. In time, you can have multiple vendors across the country hoarding and holding large amounts of copper and we’re not surprised to see some of this movement happening.

We have also seen little to no movement on the aluminum side of things as this market has been relatively stagnant and stale over the last year and a half. We don’t expect aluminum prices to be changing anytime soon. So if you have the room, you may want to hold it. Stainless steel in the Nickel markets have been relatively untouched as well and overall the markets really have not been moving.

Reported Non-Ferrous Scrap Prices (2/12 – 2/19):

Location

Material

Price

Florence, AL Electric Motors (Copper) $0.12 / lb
Rockaway, NJ #1 Bare Bright Copper Wire $2.25 / lb
Griffith, IN Aluminum Cans $0.30 / lb
Bowling Green, KY #2/3 Mix Copper $1.91 / lb
Kansas City, MO #1 Copper Tubing $2.02 / lb
Pensacola, FL #2 Copper Tubing $1.93 / lb
Douglas, GA AL Extrusion $0.45 / lb
Springfield, IL Brass $1.31 / lb
Norfolk, VA Car/Truck Batteries $0.18 / lb
Leicester, NY Insulated Copper Wire $0.40 / lb
Montclair, CA Stainless Steel $0.32 / lb
Daingerfield, TX Aluminum Radiators $0.10 / lb
CHECK CURRENT PRICES

Ferrous Market News

Again, we hate to sound like a repeating record here but there has been very little movement on this side of the metals market either. Steel has been very low and we expect to see very little movement for the rest of the month, with little indication coming for the month of March. We are continuing to watch the market hoping to see some type of increase, but overall we have not seen much of an increase as of late. Steel Turnings has been one of the worst items that we have been looking at and working on and overall, it has been very difficult to see what has been going on as we are trying to figure out where the market is headed.

With the oil prices continuing to be in a declining market, we have seen the ferrous market continuing to weaken and that has happened over the last few weeks. Hopefully, we will see some type of life after having a little more of a handle on the coronavirus outbreak, but until then we’re in a wait and see mode.

Reported Ferrous Scrap Prices (2/12 – 2/19):

Location

Material

Price

Monroe, MI Shreddable Steel $105 /ton
Urbana, IL Cast Iron $90 /ton
Valdosta, GA #1 Steel $60 /ton
West Palm Beach, FL Light Iron $70 /ton
Commerce, TX  Scrap Iron $0.055 /lb.
Sparks, NV #1 Prepared $94 /ton
Albany, NY Tin $125 /ton
Wilmington, DE #1 Steel $110 /ton
Fresno, CA Shreddable Steel $85 /ton
Vineland, NJ #1 HMS $0.05 /lb.
Little Rock, AR Light Iron $70 /ton
CHECK CURRENT PRICES

Other Markets

If you’ve looked or seen any of our videos over the last few months you would know that the catalytic converter market has continued to excel. We have been watching these markets with record-high pricing on both palladium and rhodium happening over the last week and we are hoping to see that this trend continues as catalytic converters have become one of the hot items. You can always go to www.RRCats.com to get a better grip on where the market is and where it is headed as well as getting quotes on your catalytic converters.

SELL YOUR CATS TODAY

Thank You.

Let us know if there’s anything else that we can do to help you out and we will continue to do our best to find more research on the markets as well as further ideas of what’s going on.

– Tom

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