With Mother’s Day behind us we hope that many of you took care of the important women in your life and had a nice day. To say the least, these markets have been extremely tumultuous with the tariffs leading most headlines as well as Middle East problems with Iran.
We have continued to see the steel prices decreasing with reported prices dropping another $10 over the last week, as well as the markets weakening $10 per ton starting next week.
“Will you be buying or selling material?”
That’s what a lot of people continue to ask and were interested to see what you will be doing with your scrap. Make sure to email us at [email protected] giving us an idea on what you’re doing.
- $20 per ton – Price drop on steel (again).
- June 20th – In-person meeting between the Presidents of China and the US (fingers crossed those negotiations are positive).
Social Scrap from Our Facebook Group
Always better safe than sorry. Unfortunately, some of the highlights that we do are not always positive, fun, or uplifting. This week we are going to talk about the dangers of scrapping and how something so obvious could hurt you or affect you in the long run. One of the iScrappers Zac. B posted about his Grandpa catching on fire and getting hurt. After reading the post we saw that his Grandfather was not wearing fireproof pants and when they caught on fire it burned him severely. We can only hope and pray that he will make a swift recovery – but know that scrapping is not always about making money but about working safely.
Suggested Reading: 6 Safety Items Needed For Scrapping
With copper prices continuing to be at more of the depressed level than most would like, the negative news of the tariff negotiation breakdowns last Friday spilled into the markets. The news has seen copper continuing to be on the decline. On top of that, the aluminum prices have continued to be depressed and the rebound that we saw in the stainless steel markets have also been eroded over the last two weeks with more news of the tariff talks.
As we said almost a year ago, we believed that June 2019 would be the day to look at where the markets and the tariff negotiations are going to do a role reversal or continue on more of an up-and-down loop. With both the President from the US and China meeting at the end of June at the G20 Summit, we will be looking for positive news but for the next five weeks, we don’t see anything good coming out of the markets.
This is one of those crazy times would expect many scrap yards would be holding onto material but these yards instead, seem to be moving their material as fast as possible with the markets been as up-and-down as they have been.
Reported Non-Ferrous Scrap Prices (5/8 – 5/14):
|Superior, WI||#2 Copper Tubing||$1.71 / lb|
|Rockaway, NJ||#1 Bare Bright Copper Wire||$2.40 / lb|
|Paragould, AR||Computer Wire||$0.25 / lb|
|Fredericksburg, VA||Aluminum Cans||$0.20 / lb|
|Chattanooga, TN||Brass||$1.30 / lb|
|Maple Grove, MN||Insulated Copper Cable||$0.47 / lb|
|Cuba, MO||#1 Copper Tubing||$2.20 / lb|
|Kankakee, IL||Stainless Steel||$0.30 / lb|
|Freeport, NY||Aluminum Siding||$0.25 / lb|
|Nampa, ID||Communications Wire||$0.10 / lb|
|Rock Springs, WY||#1 Bare Bright Copper Wire||$1.85 / lb|
|Sheffield, AL||Insulated Copper Wire||$0.50 / lb|
With continued problems in the Middle East specifically with Iran, we’ve seen these problems flow into the market. The price of iron and steel continue to be on the decline even as some oil prices have risen. Many people have thought for years that gasoline, oil, natural gas and other forms of petroleum-based energy products’ fluctuations would affect the iron market going up and down at the same time but recently it has not. We will continue to watch these markets that have had a major decline, until positive long-term and substantial news from out of the US and the Chinese negotiations arise – which doesn’t seem like anytime soon.
Not only have we been watching reported prices on the iScrap App but also reading news outlets talking about the iron and steel recycling markets having a major problem. That has led to further price decreases over the last few weeks and couple of months. We have seen these markets go down $10 a week on average over the last 6 weeks. We are always curious about how you’re reacting with the metals and if you are holding them or continuing to sell them so please let us know what you were doing.
Reported Ferrous Scrap Prices (5/8 – 5/14):
|Wright City, MO||#1 Steel||$100 /ton|
|Kent, WA||Scrap Iron||$0.015 /lb|
|Waco, TX||Shreddable Steel||$4 /cw|
|Butler, PA||Light Iron||$110 /ton|
|Lewiston, ID||#1 Steel||$140 /ton|
|Norfolk, NE||Shreddable Steel||$95 /ton|
|Russellville, AL||Light Iron||$125 /ton|
|Pulaski, TN||Cast Iron||$120 /ton|
|North Haven, CT||#1 Steel||$110 /ton|
|Ogden, UT||Light Iron||$85 /ton|
|Rome, NY||Cast Iron||$100 /ton|
Other Markets – Aluminum & More
To follow suit there has not been much positive news in the rare earth markets such as Nickel, Palladium, Carbide, Hastelloy or any other materials that have a high value. We’ve even seen the catalytic converter market begin to decrease. With these markets on the decline after such significant rise in the last half of 2018 and beginning of 2019, we’ve seen metal recyclers getting an oversupply and overabundance of material, which is starting to cause some of these prices to decrease as well.
The aluminum market has weakened by at least $0.01-$0.03 per pound, as lower grades of material such as aluminum sheet have become less desirable as more of it has entered into the market. Stainless steel, as we had mentioned earlier, has also been affected with the market decreasing $0.03-$0.05 over the last 2 weeks after showing a bit of a rebound overall.
While the economy seems to be rolling along, jobs are being produced and more people are going back to work, there are always going to be industries that suffer when other things grow. It looks like scrap metal suffering right now as the market has been in a decline for all commodities.
We look forward to hearing your thoughts and sharing your stories on the market and giving your opinions on what’s going on as well. Thank you and we will talk to you next week.
- Prices Are Dropping, What Does It Mean For You? – 5/8/19
- Learning About Tariff’s Effects on Scrap Metal
- 6 Best Strategies For A Dropping Scrap Market