Well, just like that the meeting that we have waited so long for came and went – and it was uneventful (good and bad). We had a feeling that no deal would be struck but what we do have is the reopening of tariff elimination and a new trade agreement getting put into place.
The problem? Metal prices are down for the most part in the meantime until things really get put together.
Want to know when prices drop immediately?
- $0.06 per lb – Down on copper prices.
- 26,858.16 – The DOW Jones, near or at all- times highs for the stock market.
- $10 Per Ton – Prices were down again on steel.
Social Scrap from Our Facebook Group
This week we saw a tale of a scrap upgrade. Both on a new vehicle and the ability to start making money with scrap yards based on weight. Bill F. shared a post that shows us that upgrading equipment can lead to higher profits sometimes. Also with better equipment and larger loads, the scrap yard gave him $20 per ton over door prices which means that he gets to make more money and help recoup that investment quicker.
With the meeting having taken place in Japan and positive news coming out of it, we were hoping to see the copper market climb. Unfortunately, the market dropped a few cents, but what we have seen is the reopening of trade negotiations between the US and the Chinese. We’ve seen the Chinese start purchasing more soybeans and of course, that does not help the scrap prices, but it does help the trade talks which will eventually lead to higher prices on scrap.
The aluminum market has seen a bit of an uptick but not enough to be that impressed with. Stainless steel and nickel prices have continued to be depressed in this market has been a little rough on them.
Reported Non-Ferrous Scrap Prices (6/26 – 7/02):
|Macon, NC||Cast Aluminum||$0.12 / lb|
|Rockaway, NJ||#1 Bare Bright Copper Wire||$2.41 / lb|
|Flint, MI||Bronze||$1.35 / lb|
|Baltimore, MD||Brass||$1.24 / lb|
|Bloomsburg, PA||Stainless Steel||$0.30 / lb|
|Maple Grove, MN||Clean ACR||$0.98 / lb|
|Milton, WV||Electric Motors (Copper)||$0.08 / lb|
|Springfield, VA||Car/Truck Batteries||$0.20 / lb|
|Winder, GA||Computer Wire||$0.35 / lb|
|Lake Station, IN||#1 Copper Tubing||$1.80 / lb|
|Madison, WI||#2 Copper Tubing||$1.60 / lb|
|Piqua, OH||Aluminum Cans||$0.35 / lb|
Unfortunately, the news that the trade negotiations were going better did not help the steel or iron market but the price is still being severely down in the first 6 months of 2019. With the oil prices seem to jump every other day we don’t have a real idea on where the market will be going from here.
It seems like most scrap yards and trade partners that we have talked to have said much of the same with the market being in a bit of a standing pattern with no real end or uptick in sight. We have continued to see suppliers drop in their prices and because of that, we have not heard many good pieces of news.
Reported Ferrous Scrap Prices (6/26 – 7/02):
|Durango, CO||#1 Steel||$30 /ton|
|Spring, TX||Light Iron||$90 /ton|
|Lawrence, KS||Cast Iron||$80 /ton|
|Franklin, TN||Shreddable Steel||$85 /ton|
|Wilmington, DE||#1 Steel||$120 /ton|
|Detroit, MI||Light Iron||$90 /ton|
|Myrtle, MS||Cast Iron||$50 /ton|
|Columbus, NE||Complete Car||$75 /ton|
|Goshen, OH||Sheet Iron||$80 /ton|
|Macon, GA||#1 Steel||$80 /ton|
|Stittsville, Ontario*||Cast Iron||$85 /ton|
The catalytic converter market has once again become the talk of the Scrap town, with a market climb into near all-time highs. With palladium, platinum, and rhodium are the dynamic trio that is leading the revolution of scrap catalytic converter pricing, we have seen in uptick in all places across the United States.
Gold has shown a slight pullback with prices dropping about $40 per ounce from its recent highs, which don’t forget we’re at 6-year highs. Overall the market is relatively strong and we have to watch out for changing market prices and different pieces of news that could come out of the trade negotiations that are ongoing.
We wish everyone a very happy 4th of July and we hope that you are remaining safe, enjoying family and friends, and enjoying America’s birthday. We look forward to updating you next week and if you want more and hit in Scrap secrets make sure you subscribe to our Patreon page.
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