Prices Are Increasing…Yes You Heard Right! – 2/6/19

Happy Trails iScrappers!

We hope that everyone enjoyed the big game this past weekend, even though it was a little boring it’s still impressive to see a team like the Patriots continuing there domination after 18 seasons.  We’ve been watching the commodity markets and we started to see what seems to be positive market moves.

We have seen the steel prices increase, copper prices have increased,  and we’re hoping to see some other metals follow suit. 

There have been rumors that the president of China and President Trump could be meeting in person in the next few weeks, and that would be a very positive sign for trade talks. Is the Chinese producing 50% of the world’s steel overall, a trade agreement would be one of the most positive things to happen to the commodity market since all of the tariffs were put into place.

Quick Numbers

  • $15 per ton – Increase overall the last two weeks in the steel/iron markets.
  • 7% – Increase in the stock market in January – one of the best months in 20 years in the stock market. 
  • 8 – As in the number of years the iScrap App has been up and running!

Social Scrap from Our Facebook Group

This is always fun to see what people are talking about and going over. After that cold snap that streaked across the US, we are happy to see some streaks of sun and warm temperatures popping up. This was one of our most popular posts of the week, let us know what you think!

JOIN FACEBOOK GROUP

Non-Ferrous Market News

Over the last week and a half, we have seen copper prices rise $0.10-$0.15 per pound depending on what part of the country you are in. Some parts that have been hit with very cold weather, as well as a lot of snow and inclement weather have had a slower price increase. 

We recently read an article about the company Goldman Sachs cutting back on some of their commodity tradings. This just shows that the commodities have changed so much over the last few years that large investment companies that used to make a lot of money off of metals and other commodity trading are scaling back due to the changing political and world metals concerns. 

Reported Non-Ferrous Scrap Prices (1/30 – 2/5):

Location

Material

Price

Streetsboro, OH Electric Motors (Copper) $0.10 / lb
Rockaway, NJ #1 Bare Bright Copper Wire $2.50 / lb
Exeter, RI Aluminum Boat $0.50 / lb
Topeka, KS Brass $1.50 / lb
McAllen, TX #1 Bare Bright Copper Wire $1.99 / lb
Nashville, TN #2/3 Mix Copper $1.65 / lb
Denver, CO Computer Wire $0.18 / lb
Lithia Springs, GA 304 Stainless Steel $0.13 / lb
Waterbury, CT Lead Batteries $0.27 / lb
Cornith, MS #1 Bare Bright Copper Wire $2.20 / lb
Texarkana, AK Car/Truck Batteries $0.16 / lb
Albuquerque, NM AL Extrusion $0.31 / lb
CHECK CURRENT PRICES

Ferrous Market News

One of the newest pieces of information that we have been looking at is the amount of steel consumption by India. Not only has India been producing steel but they’ve been consuming more and more steel over the last few years. Many people ask what it would take for steel prices to have a large jump in pricing, and one of the major factors would be a large development of a Third World country. Putting tariffs in different trade disagreements aside, one thing that we are continually looking at is the development of other countries and this is one that we have honed in on lately.

We have seen the pricing on steel increase anywhere from $10-$15 per ton on many different grades of steel, one of the toughest moving items has been the steel turnings market. Wall steel turnings are not a common item that you would scrap at your yard, we still wanted to share a lot of information that we have been digesting.

Reported Ferrous Scrap Prices (1/30 – 2/5):

Location

Material

Price

Trenton, SC Shreddable Steel $60 /ton
Omaha, NE Light Iron $120 /ton
Warren, NH Light Iron $40 /ton
Barren Springs, VA #2 HMS $0.07 /lb
Topeka, KS #2 Prepared $130 /ton
Bloomsburg, PA Shreddable Steel $100 /ton
Waterloo, IN Shreddable Steel $120 /ton
Sophia, NC Light Iron $100 /ton
Waterbury, CT Cast Iron $98 /ton
Port Allen, LA #1 Steel $200 /ton
CHECK CURRENT PRICES

Other Markets

There has not been much movement in other markets. We have seen the aluminum market continue to struggle and the stainless steel markets have done much of the same. Well, gold has continued to stay above $1,300 per ounce overall we do not see many changes going on in the precious metals market either.

Thank You.

Like always we welcome your ideas, constructive criticism, and any other pieces of information that we could use to help you learn more about the scrap markets ongoing changes, concerns, and continued growth.

– Tom


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