The long-anticipated meeting in Japan is on the horizon and we are hoping to come out smelling like a new scrap yard- well, that may be over the top because new yards have no metal in them. The meeting between President Trump and President Xi is going to be happening later this week and the markets have noticed. Copper has jumped about $0.06-0.07/lb and Gold has hit a 6-year high.
Where will the markets go if we hear that the meeting went well? Our guess is up. But that may be short-lived as a quick sell-off into the markets of material that yards have been holding for months or years could possibly flood the market. These are all things to watch and wait on as we don’t know where they will jump to after this week. Oil prices have remained in flux due to the tension with Iran and with oil being one of the most traded commodities we have a lot to look out for.
- 6 Years – Gold prices are at the highest they have been in 6 years.
- $0.08 – Increase in copper per pound over the last week
- 3 Days – Until the US and China meet.
Social Scrap from Our Facebook Group
It’s awesome seeing some of the scores or potential jobs that so many people get. This post will be sure to bring up some interesting answers.
We are hoping that this week is the week that changes the entire aluminum and copper market along with the rest of the non-ferrous market for the rest of the year and going forward. With the US-China meeting coming up in a few short days we don’t expect an actual deal to be struck, but we are hoping to hear positive talks and the outline of a deal being put together.
We have seen copper rebound over the last week with the prices jump in $0.07-0.09 per pound. We waited a few days to report some of these increases but we did start to see the market rebounding and increasing over the week through reported prices. On top of that, we have started to see the aluminum market climbing and that has sparked our hopes that the market could be turning soon.
Reported Non-Ferrous Scrap Prices (6/19 – 6/25):
|Minette, AL||Stainless Steel||$0.30 / lb|
|Rockaway, NJ||#1 Bare Bright Copper Wire||$2.41 / lb|
|Kokomo, IN||Bronze||$1.25 / lb|
|Elko, NV||Aluminum Cans||$0.30 / lb|
|Woodinville, WA||Insulated Copper Wire||$0.26 / lb|
|Metter, GA||#1 Copper Tubing||$2.00 / lb|
|Albany, NY||Enameled Copper||$1.88 / lb|
|Salem, OR||Romex® Wire||$1.11 / lb|
|Albuquerque, NM||Computer Wire||$0.40 / lb|
|West Plains, MO||Brass||$1.20 / lb|
|Bowling Green, KY||Clean AL Wire||$0.50 / lb|
|Chesley, Ontario*||Sheet Aluminum||$0.22 / lb|
We thought that with the price of iron ore becoming so high that we would start to see the price of scrap iron and steel climbing as well. It has been the opposite effect as the market has decreased again over the last 10 days. The average decrease looks to be about $7/ton based on our reported prices and overall we have seen the market continuing to be on a bit of a decline. Even with a potential agreement with the Chinese, we do not expect to see the market increasing for steel and iron until a bigger need or demand comes into play.
With the price of oil increase in last week with the tensions with Iran and other parts of the Middle East, we have been watching how this will affect the world commodities market. More of the pricing will be tied to how the meeting in Japan goes and hopefully we will be good to go going forward.
Reported Ferrous Scrap Prices (6/19 – 6/25):
|Maple Grove, MN||Shreddable Steel||$70 /ton|
|Cheraw, SC||Light Iron||$65 /ton|
|Indianapolis, IN||#1 Steel||$90 /ton|
|Moyock, NC||Plate & Structural Steel||$0.045/lb|
|Mabscott, WV||Shreddable Steel||$80 /ton|
|Detroit, MI||#1 Heavy Melting Steel||$0.10 /lb|
|Cameron, MO||Refrigerators||$0.04 /lb|
|Dallas, TX||Light Iron||$110 /ton|
|Kensett, IA||Cast Iron||$65 /ton|
|Kansas City, KS||#1 Steel||$50 /ton|
|Lockport, IL||Unprepared Cast Iron||$100 /ton|
Gold prices have now hit 6-year highs as we have seen the market rise over $1,400 per ounce. Along with rhodium and palladium price is going up as well over the last month to similar highs that we saw earlier this year, we have seen some of the more precious metal market is really jumping.
We hope to have a special report on Friday, June 28 after the meeting either starts or finishes between the Chinese and the US at the G20 summit, in the meantime please keep sending your questions and stories and we will talk to you soon.
- Hope On The Horizon? – 6/19/19
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