Scrap Metal Prices & Market News This Week – 8/8/18

Scrappers!

The day of 8’s is here!!! Too bad we couldn’t have copper jump 8 cents per pound, that would make it really great! We have been monitoring the markets, whether they are oil or metals or stocks and we have seen so many different stories about where they could be going. 

Quick Scrap Numbers

  • Gold Price – ,216.60 (Down 15% over the last 5 years)
  • Copper Price – Down 17% Since June 7th
  • Aluminum – Down Roughly 16% Since April 1st

Stock Markets & Scrap Metal

What’s going on with the markets? Well, after seeing such record highs earlier this year the markets have cooled off…that is until the 2nd quarter ended and earnings season started. We have seen over 80% of companies beating their earnings predictions in recent reports, which has led to the stock market continuing to shine.

We continue to monitor the markets, but they do not have as much of a bearing on scrap like they used to. What we look for now is the continued metal, gas, and trading markets along with all of the news that is going on throughout the financial world.

News in China & Tariffs

The Chinese stock markets are down 25% year-to-date compared to the US Markets being up about 5% overall. This shows that there is a lot of fluctuation right now and going forward this does not look to stop.

Every time that tariffs are talked about by the US we see a counter tariff sanction by the Chinese government…and this doesn’t look like it is going to stop. With vastly different cultures, governments and beliefs on who is and who is not right in this trade battle we don’t expect this to stop.

Suggested Reading: Ripple Effect of Trade Wars on Scrap Metal

Problems In Iran

The Trump administration has imposed the first round of strict sanctions on Iran. What do you need to know? The administration has basically said that if any country deals with Iran….they are not allowed to deal with the US. This will be interesting to watch unfold. 

Non-Ferrous Scrap Markets

Copper has remained steady over the last week with prices just so-so. It’s funny to think that we got so used to the markets being so high the last half of 2017 and the first half of 2018 that the price of copper is roughly where it was one year ago.

We have seen inventories depleting in many copper warehouses, but overall we have seen the prices continued to get pushed down due to tariffs and trade concerns.

Reported Non-Ferrous scrap prices (8/1-8/7):

Location

Material

Price

Denver, CO Cast Aluminum $0.32/lb.
Rockaway, NJ #1 Bare Bright Copper Wire $2.451/lb.
Colchester, IL ACR $1.05/lb.
Eugene, OR #1 copper tubing $0.80/lb.
South Boston, VA Aluminum Rims $0.60/lb.
Manassas, VA Aluminum Scrap $0.25/lb.
Las Vegas, NV Stainless Steel $0.30/lb.
Oakley, CA Yellow Brass $0.53/lb.
Alsip, IL Starters $0.70/lb.
Charlottetown, PEI* Electric Motors $0.15/lb.
Russellville, AK Car/Truck Batteries $0.20/lb.
Sterling Heights, MI  Sheet Aluminum $0.33/lb.
Woodinville, WA Insulated Copper Wire $0.10/lb.
Chattanooga, TN #3 Aluminum $0.30/lb.

Ferrous Scrap Markets

While steel scrap has gone down over the last month, we still have seen very strong demand overall. We have seen many yards being loaded down with piles of steel and not able to move it fast enough- and that is a potential problem.

With many markets getting so much material pushed into them we are seeing a large increase in material staying in the US, and that is what the tariffs on steel and aluminum were meant to do. But what is happening locally is that we are seeing a push downwards in pricing as more and more domestic mills are being flooded with material that was once going overseas. 

Reported Ferrous scrap prices (8/1-8/7):

Location

Material

Price

Tarrentum, PA Shreddable Steel $190/ton
Sterling, IL Light Iron $190/ton
Hutchinson, KS Shreddable Steel $130/ton
Cincinnati, OH Light Iron $140/ton
Fort Meyers, FL Unprepared Cast Iron $6.75/cw
Sparks, NV Shreddable Steel $40/ton
Mesa, AZ Light Iron $100/ton
Russellville, AK #2 Heavy Melting Steel $9.00/cw
Brighton, Ontario Shreddable Steel $200/ton

Other Metal News

The markets continue to turn the wrong ways and we have seen metals like Lead and items like car batteries affected as well. With the lead market down about 10-12 cents in the last two months, we have seen battery prices declining as well. Don’t be surprised to see these prices in the high 20’s and low 30’s cent per pound range.

Anything else you want us to let you know about, don’t hesitate to ask, scrap ya later!

-Tom


Related Articles: