Potential Problems with China Cause Copper Drops – 6/25/20

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Happy Day to All!

Sometimes, just reading the word happy can turn your attitude around. We have found that over the last few months, by just thinking about things differently, we’ve been able to change the way that we look at Scrap and at prices.

Many people have been asking us about the copper prices in the market and how we see different things going. While watching the markets we have noticed multiple things going on and the most common thing that we have noticed is the instability overall. We have seen the stock market increasing since March and April’s downward trend, with copper prices and the stock market climbs recently, however overall we have seen much insecurity in the market.

Quick Numbers

  • $0.04 – Price per lb in copper drop this week- but compared to the stock market not bad.
  • $10 per ton – Drop across the board with steel prices.
  • 9% – The amount that the DOW Jones stock market is down since the first week of June (copper up over same period)

Social Scrap from Our Facebook Group

We love seeing piles of scrap and blue sky but we love seeing both in the same picture. This week the social spotlight was more on an overall image then the material that was there and iScrapper Dean R. gave us the image to look at. While we all go to scrap yards, work at one or have visited them in the past they always seem to look different and today is no exception. Piles of scrap next to piles of old busses always has that nostalgic appeal…doesn’t it?

JOIN FACEBOOK GROUP

Non-Ferrous Market News

Right now one of the biggest causes of concern that we have is with the copper market and the Chinese buyers. While looking at these markets, we have been able to see that they are very difficult to conceptualize and figure out where they will be going and how the Chinese will be changing their buying practices moving forward. While we have seen the price of copper increasing over the last few weeks, we did see a bit of a downward trend this week as the stock market has had massive decreases over the last few days.

The positive thing is; as the stock market has had multi-percent decreases, the copper index has not followed that same pattern and has remained at a relatively strong level.  We have seen more people recording the prices that they have received per pound and while looking at the market, we have seen an uptick in pricing overall. We have seen scrapyards raising their copper prices and people that have been reporting prices and posting through our social media networks have seen increased prices on copper, brass, and other copper-bearing material.

Reported Non-Ferrous Scrap Prices (6/17 – 6/23):

Location

Material

Price

Provo, UT #1 Copper Tubing $1.80 / lb
Rockaway, NJ #1 Bare Bright Copper Wire $2.30 / lb
Prairie View, IL Aluminum Cans $0.17 / lb
Miami, FL Brass $1.25 / lb
Kansas City, KS Cast Aluminum $0.15 / lb
Minneapolis, MN Insulated Copper Wire $0.60 / lb
Phoenix, AZ 304 Stainless Steel $0.23 / lb
Bowling Green, KY Electric Motors (Copper) $0.11 / lb
Streetsboro, OH Lead Batteries $0.20 / lb
Evansville, IN Clean BrassBrass Radiators” href=”https://iscrapapp.com/metals/clean-brass-radiators/”> Radiators $1.10 / lb
Hurlock, MD Lead $0.40 / lb
Little Rock, AR Aluminum Radiators $0.20 / lb
CHECK CURRENT PRICES

Ferrous Market News

While we do not like to talk about the COVID-19 outbreak, we will talk about how it has affected the steel and oil markets. Wow, the airlines, hotel, and general travel industries have been heavily affected this year.  We have been able to watch the oil prices flying back from the negative values that they were at in May. While they have climbed back, at the same time we have seen more downward trend news happenings going on which has led the market to further drops and decreases over the last week.

Reported Ferrous Scrap Prices (6/17 – 6/23):

Location

Material

Price

Savannah, GA Tin $4 /CW
Montvale, VA Shreddable Steel $0.04 /lb
Lincoln, NE Cast Iron $140 /ton
Akron, OH Rotors $0.08 /lb
Oklahoma City, OK Shreddable Steel $80 /ton
London, KY Tin $60 /ton
Springfield, MO Shreddable Steel $95 /ton
Saginaw, MI Unprepared Structure Steel $110 /ton
Balch Springs, TX Tin $0.04 /lb.
Harrisburg, PA Light Iron $3.25 /CW
Utica, NY Shreddable Steel $160 /ton
CHECK CURRENT PRICES

Other Metal Markets

With the possibility of the United States imposing another tariff on Canadian aluminum products, we might see a small increase in the upcoming weeks or months if this happens. But until we see more manufacturing jobs getting put together it’s going to be very difficult for us to gauge where the market will be moving over the next few weeks.

Catalytic Converter Market News

With all three major indexes dropping down over the last two weeks, we have seen the prices of catalytic converter’s dropping as well. One thing that we have been able to do is to follow all of the different metals extremely closely, while always adjusting prices based on different market references and new pieces of information. The team over at www.rrcats.com has been able to quote people quickly and efficiently by using the current scrap market prices and adjusting day after day all while holding the price is quoted for seven business days to allow you the ability to get quoted and sell securely.

Scrap catalytic converter Prices This Week (6/17 – 6/23):

Cat Type/Serial Number

Price

EA6 $268
GD3 $376
JSH62 $204
12606389 $230
25130440 $147

Thank You.

We hope that many of you are staying busy and continuing to get more material in and are enjoying some of these higher copper prices that we have seen recently. We look forward to hearing your impact on the market and how you see things out there in the real world of day to day scrappers.

– Tom


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