Oil Prices Drop, Are Steel Prices Next? – 9/9/20

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Scrap World!

With the summer quickly ending and fall here, we are happy to see some very strong metal prices recently. Hopefully, the leaves changing in many parts of the country will not affect the prices other than going up, as we go into a very crazy two-month stretch. With the US Presidential Election, conTinued pandemic relief, and people returning back to work – it’s certainly been a crazy time of the year and what we have seen is the scrap market has been positively affected overall.

Many people might ask how the scrap market has really had such a nice climb and one of the main reasons is the disruption in the supply chain in the materials needed to continue to manufacture and produce goods has helped increase the pricing overall. At the same time, we have had trillions of dollars injected into the economy which has also changed some of the prices due to the amount of money that has been pumped in.

Quick Numbers

  • $3.08 – Copper reached some of its highest levels in years.
  • $10 per ton – News of steel jumping again is in the air to the tune of $10 per ton.

Social Scrap from Our Facebook Group

We all start somewhere when scrapping. Whether cleaning out the garage or hearing about it from friends- you have always known about it but sometimes it becomes more apparent. This week we are spotlighting iScrapper Jake W. who is talking about small time operating – but how he is doing such a good job and the encouragement from the group makes it that much better.

JOIN FACEBOOK GROUP

Non-Ferrous Market News

Copper Dips, After Huge Jump

With the price of copper coming down from the highs that we saw last week on Friday, we are not surprised by the decrease in the last few days. With a lot of market corrections in the stock market, especially on the technology side of things that has led to an overall run-up in the metals market as we have seen gold and copper pull back slightly. The good news is we have continued to see an increased demand for these metals, as well as aluminum and that, has increased the pricing over the last 4 to 6 weeks and has remained stable.

With the markets creating more jobs and more metal needed to help quench the manufacturing industries need right now, we are optimistic that these increased prices will not only stay but will become strengthened over the coming months.

Reported Non-Ferrous Scrap Prices (9/2 – 9/8):

Location

Material

Price

Sherman, TX Aluminum Cans $0.30 / lb
Rockaway, NJ #1 Bare Bright Copper Wire $2.62 / lb
Worchester, MA Clean ACR $1.05 / lb
Portland, OR Copper Transformers $0.15 / lb
Odenton, MD #1 Copper Tubing $2.45 / lb
Palmdale, CA #2 Copper Tubing $2.00 / lb
Fremont, OH Insulated Copper Wire $0.25 / lb
Theodore, AL Brass $0.90 / lb
Spartanburg, SC Sheet Aluminum  $0.25 / lb
Colorado Springs, CO Copper Scrap $2.25 / lb
Carrollton, GA Cast Aluminum $0.22 / lb
Grand Prairie, Alberta* Aluminum Rims $0.31 / lb
CHECK CURRENT PRICES

Ferrous Market News

Oil Is Dropping, Is Steel Next?

Oil prices are down. Those oil prices being down should lead to a decrease in the steel market but overall we have seen an increase over the last few weeks with more increases coming as of late. These increases have continued to help strengthen the recycling side as we have seen many people online starting to cash in the piles of steel that they have been saving up for the last few months. Not only will these people be able to make more money but with the higher prices that are out, there are the people that are scrapping day to day that should be able to cash in as well, with the higher markets.

One concern that we have, is that the oil prices have shot down and if it continues, the overall demand for oil for the rest of the year will decrease and we will not be surprised to see the markets shrinking going into 2021. While we continue to remain optimistic, we still watch these markets and know that it’s never the easiest thing to figure out so we just take them in stride.

Reported Ferrous Scrap Prices (9/2 – 9/8):

Location

Material

Price

Fitchburg, MA Light Iron $80 /ton
Elizabethtown, KY Shreddable Steel $105 /ton
Neenah, WI Scrap Iron $60 /ton
Toledo, OH Shreddable Steel $0.05 /lb
Hatboro, PA Light Iron $0.05 /lb
Huntington, WV Short Iron $5.00 /CW
Lansing, MI Clean Auto Cast $185 /ton
Portland, TN Shreddable Steel $0.05 /lb
Syracuse, NY Light Iron $115 /ton
Channelview, TX Tin $100 /ton
Peterborough, Ontario* Rotors $180 /ton
CHECK CURRENT PRICES

Other Metal Markets

With the aluminum market finally increasing, recently it’s been a nice thing to be able to see. With that increased market demand we have seen aluminum shoot up between one and four cents per pound for mixed lower grades but we have seen higher grades of Aluminum such as 6063 or litho plate beginning to have an upward trend.

Catalytic Converter Market News

Catalytic Converter Scrap Prices Are Strong

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Rhodium has lead the way with the pricing continuing to increase and make it’s way back towards record highs that we saw earlier in 2020. Platinum and Palladium have shown pull back as the three metals generally have risen or decreased together, but right now have separated as Platinum and Palladium prices decreased over the last two weeks. Overall, the markets are still very strong when you compare to the last few years and have recouped very well since the lows that we saw earlier during the pandemic.

The team at RRCats.com continues to quote customers with their serial numbers and have customers send pictures in to be able to get graded and show you how to make more money with your Catalytic Converter Scrap.

Scrap Catalytic Converter Prices This Week (9/2 – 9/8):

Cat Type/Serial Number

Price

EA6 $355/@
GD3 $565/@
JSH62 $288 / @
12606389 $318 /@
25130440 $219/ @
Small Foreign $100/ @
Regular Domestic $198/ @

Thank You.

We continue to wish everyone a speedy recovery from everything that’s going on this year, as we hope you’ve been able to remain safe and as busy as possible. It’s been interesting to see many people say that they are going to stop picking up scrap metal, while others have doubled down investing in new trucks and trailers and we would love to hear the stories. Let us know if you have a story that you would like to share and we would love to Spotlight you to the scrap metal world.

– Tom


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