Relief for Steel Yet? – 10/16/19

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Good Day!!!

We hope that everyone is doing well and staying busy. With so many pieces of information flowing our way, it’s very interesting to watch and see how things are shaping up. Not only in the copper market, which is unfortunately down even after we’ve heard of phase 1 coming together. But we’re also seeing the political presidential debates and other pieces of news filtering in which is heavily affecting the markets.

How these different things are going to affect the rest of the year seems to be getting laid out in a straightforward manner. More and more it seems that we are seeing a market that is going to be in a decline for the rest of the year if not flat, as a best-case scenario.

Quick Numbers

  • $0.00- The net/net gain in the copper market week over week.
  • 50%– The tariffs that have been placed on steel from Turkey- that will hurt the scrap market.
  • Phase 1- What has been initially accepted between the US and China on a trade deal- but not yet signed. 

Social Scrap from Our Facebook Group

***Warning- Graphic image*** Sometimes showing the bad or an accident will force one to doublethink and look out for safety issues. Today’s iScrapper Robert A. was working and got a big gash on his leg, but he thought he would be ok. 

Now safety always has to be inside of your head while scrapping because we have seen too many injuries and even deaths due to accidents that could have been avoided. While many people are mostly working on their own you have to be able to think twice and know what NOT to do, which sometimes is more important than knowing what to do. Scrap safe out there and share your safety stories at info@iscrapapp.com

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Non-Ferrous Market News

On Friday we saw the market climb and we saw an increase of about three or four cents per pound. Since that happened we have seen the market go back to the levels that it was about a week ago and it seems to be weakening as the days and months continue into 2019. Many people were hopeful after phase 1 was put together that we would be in good shape moving forward, but it seems that we have to watch and see when the deal will actually be designed to make it a much better and more promising opportunity.

With so many markets in limbo, we are watching multiple things that will all have an effect on the commodities market. We are watching earnings reports from different banking systems and larger companies. Well, they may not be directly related to the copper prices they do tell an interesting story to see how much material, how many pieces of goods and different pieces of equipment that are being bought; which will all have some type of an effect on the overall market.

Reported Non-Ferrous Scrap Prices (10/9 – 10/15):

Location

Material

Price

Coos Bay, OR #2 Copper Tubing $1.00 / lb
Rockaway, NJ #1 Bare Bright Copper Wire $2.30 / lb
Anthony, TX Romex® Wire $0.20 / lb
Coshocton, OH Aluminum Siding $0.25 / lb
Omaha, NE #1 Copper Tubing $2.05/ lb
Bedford, PA Insulated Copper Wire $0.50 / lb
Stony Point, NY Aluminum Cans $0.20 / lb
Okeechobee, FL Brass $1.25 / lb
Waterloo, IN #2/3 Mix Copper $1.40 / lb
Cornith, MS Car/Truck Batteries $7.50 / ea
Statesville, NC Carbide $4.25 / lb
Calgary, Alberta* 304 Stainless Steel $0.20 / lb
CHECK CURRENT PRICES

Ferrous Market News

Good news? Well, that’s what we’re looking for but we are in a wait-and-see mode as we’re not sure if the market is rising as an adjustment due to the rapid decline or rising due to long-term sustainability. We are watching the stock market right now and we are seeing jumps up and down and we have not seen that reflected in the iron and the ferrous market.

After additional political sanctions have been placed on turkey over the last week, since we had our troops pull out of there we have started to see more tariffs placed on their steel. No, Turkey is not the top producer of steel in the world but they are one of the largest buyers of scrap steel with many ports on the east coast of the country shipping directly to Turkey. Now one of the problems that we have seen is that we have more and more tariffs being put into play and with more tariffs being put in the play, that means that the price of raw steel has increased and they have to come up with that money from somewhere. Where that somewhere is, is inside of the Scrap market.

Reported Ferrous Scrap Prices (10/9 – 10/15):

Location

Material

Price

Eau Claire, WI Shreddable Steel $0.02 /lb  
Jackson, TN Light Iron $50 /ton
Antis, PA Cast Iron $50 /ton
Mapleton, MN #1 Steel $40 /ton
Elk City, OK Shreddable Steel $10 /ton
Kissimmee, FL Light Iron $60 /ton
Bronson, MI Cast Iron $50 /ton
Georgetown, GA Scrap Iron $0.01 /lb  
Philadelphia, MS Shreddable Steel $100 /ton
Lockridge, IA Complete Car $60 /ton
Oshawa, Ontario* #1 Steel $190 /ton
CHECK CURRENT PRICES

Other Markets

In other markets, we have continued to see little to no movement in the right direction for any of the scrap prices. The markets have remained relatively stagnant and overall we are seeing a market that is unchanged and declining more and more as the year goes on. Aluminum has become one of the hardest metals to be able to trade and we have seen large dealers putting big pressure on the different aluminum mills and the aluminum mills have retained their power and have made it so a lot of these markets are remaining exactly where they were all of this year, that is in a low position.

Thank You.

Please share any stories that happened from other places that you have been, as well as different observations that you have seen or made a difference at scrapyards. We love seeing the prices that are reported and we would like to continue to see and hear more information from you.

– Tom

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