Scrap Copper Approaching All-Time Highs – 2/24/21

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[Insert Happy Dance]

Copper continues to soar. Let’s just keep with that topic as we have seen the copper prices increasing and even approaching the all-time record high.

Where are the markets going to go?

That is going to be your next question and how long they’re going to stay there is probably the one after that. Those are things that we will get into but let’s just be happy that we have such a nice surprise with the markets over the last few days and weeks and months, overall.

Wow, copper is going to continue to be the hot topic, but we do not want to ignore other metals like iron and nickel which are continuing to see nice rebounds, as well as aluminum in an overall commodity market surge. You may have heard the term supercycle in the last few weeks or possibly months, and that’s what we might be looking at moving forward.

Quick Numbers

  • $4.20 – Copper trading prices are at some of the highest levels in ten years. 
  • 2-Year High – Aluminum prices are now at two-year highs with more strength coming. 
  • 2 Billion – Across the world, each year over two billion tons of steel is produced for infrastructure projects like bridge/buildings/roadways and rail.

Weekly Facebook Group Highlight

Does anyone need more cowbell? Well, iScrappers Dan C. needed more cow magnets and posted about them online. Now, while we like to pretend we know everything about scrap – this phrase was a new one to us and that is why the group is so important to be a part of. 

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Non-Ferrous Market News

🎉 Copper Is Soaring!

With copper prices rising to near historic levels and rising at a historic pace, we have seen the markets jumping in a good way over the last 7 days. Seven days of crazy price increases of about $0.50 per pound is something that has only been done a very minute amount of times. The primary reason that we saw the markets going up so much over the last few days was that the Chinese came off of their lunar new year and started buying up material at an aggressive pace. This led to an instant increase in prices coupled with multiple other factors that are going on in the world markets.

What is a supercycle?

You may have heard the term supercycle in the last few weeks and we wanted to go over what it is. A supercycle is what happens when people see commodities running up at quick prices which could lead to an overall economic boom. When you couple that with an economy that’s coming off of a 2020 world, finally regaining their legs underneath them there’s the possibility of an economic and commodity boom for the rest of this year and possibly multiple years in the future.

Metals such as titanium, aluminum, copper, and iron ore will just be a few to mention briefly that we could see increasing in historic rates and price levels, especially when you add in all of the economic stimuli that have been pushed into the economy over the last 12 months, not only in the United States but also in the world. We will continue to pay close attention to this and update you as more information comes in.

Reported Non-Ferrous Scrap Prices (02/17- 02/23):

Location

Material

Price

Moyock, NC Sealed Units $0.08 / lb
Rockaway, NJ #1 Bare Bright Copper Wire $3.65 / lb
Sun Valley, CA #1 Copper Tubing $3.10 / lb
Bismarck, ND #2 Copper Tubing $3.19 / lb
Macon, GA Aluminum Cans $0.53 / lb
Brunswick, GA Romex Wire® $1.40 / lb
Omaha, NE Brass $2.05 / lb
Gonzales, LA 304 Stainless Steel $0.30 / lb
Scranton, PA Alum/Cu Rads $1.30 / lb
Pittsfield, MA Lead $0.45 / lb
Syracuse, NY Christmas Lights $0.06 / lb
Pinellas Park, FL Brass Rads $1.50 /lb
CHECK CURRENT PRICES

Ferrous Market News

📈 Steel Prices Are Up

We have seen iron and steel prices increasing over the last seven days again for back-to-back week-over-week increases of about $10 per ton. These price increases are a welcome sight and we continue to watch these markets closely as more iron ore and more recycled steel products will be needed. These products that are coming out of different scrap yards and recycling facilities seem to be not keeping up with the overall market demand and this has led to one of the reasons that prices have increased over the last few months.

Going into the rest of the year we do see the market prices increasing as we fully expect oil prices to continue to go up and we expect more of a commodity surge going into the rest of 2021.

Reported Ferrous Scrap Prices (02/17 – 02/23):

Location

Material

Price

Orem, UT Light Iron $0.06 /lb
San Marcos, TX Shreddable Steel $6.50 /CW
Oakland, CA Crushed Cars $100 /ton
Hillsboro, OR #1 Steel $150 /ton
Milaca, MN Scrap Iron $135 /ton
Bradford, PA #1 HMS $275 /ton
Mays Landing, NJ Light Iron $100 /ton
Bellingham, WA Shreddable Steel $115 /ton
Kingsport, TN Cast Iron $5.00 /CW
Fillmore, IL Complete Vehicles $350 /Ea
Skowhegan, ME UPPD Iron $135 /ton
CHECK CURRENT PRICES

Other Metal Markets – Aluminum Is Up

Aluminum prices have two-year highs and have continued to push the needle, as they are following this overall market increase that we have seen. These markets do not seem to be slowing up anytime soon and with the possibility of the tariffs remaining in place, we could still see a market increase over the next few months with the possibility in the background of the tariffs being released and prices jumping up further.

 

Catalytic Converter Market News

BROUGHT TO YOU BY:

 

The catalytic converter market has continued to be one that’s heavily discussed and has been one of the more sought-after items in the scrap world over the last few months and years. With metal prices remaining strong we have seen a bit of a decline in platinum and palladium over the last seven days, while rhodium prices have ticked up higher. These higher prices have shown to prove extreme market resilience with the overall markets climbing over this period of time to levels that we hope will be sustained throughout the rest of 2021.

Catalytic Converter Scrap Prices Are Strong 💪 

We have had many people talking about the prices that www.RRCats.com has provided to thousands of quotes and catalytic converters that have been purchased and one of the things that we want to always push forward is that the team is always buying material. One thing that we have seen from many catalytic converter buyers is that they pop in and pop out of the markets and sometimes they only are there when they can take advantage of customers as opposed to always buying when the markets go up and down like the team at RRCats.com continues to do. On top of that, the team guarantees their prices for seven business days even if the market collapsed during that period of time.

 

Scrap Catalytic Converter Prices This Week (02/17 – 02/23):

Cat Type/Serial Number

Price

EA6 $500/@
GD3 $750/@
JSH62 $396 / @
12606389 $395 /@
25130440 $338/ @
Small Foreign”}” data-sheets-userformat=”{“2″:577,”3”:{“1″:0},”9″:0,”12″:0}”>Small Foreign $141/ @
Regular Domestic”}” data-sheets-userformat=”{“2″:577,”3”:{“1″:0},”9″:0,”12″:0}”>Regular Domestic $224/ @

 

Thank You.

Want to come on our podcast?

With our upcoming podcast beginning in the coming months, we would love to be able to interview you or talk about topics that you want to hear about. Let us know what you want to listen to and we will continue to produce that content both online and through audio and video to help you learn more about the overall scrap metal markets. Stay healthy and scrap often.

– Tom


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