Merry Christmas iScrappers!
With the holidays not even approaching, but here and upon us, we hope that you have enjoyed learning about the scrap markets as much as we have enjoyed talking about them. We know that learning about things is so valuable in the long term and we appreciate all of the feedback, thoughts, ideas, and knowledge that you have given back to us. Ok- let’s get back to business, scrap time.
As you may have seen through our Facebook group or by going to your local yard to cash in before Christmas, it has been a rough month of December. With copper getting hit 10 cents yesterday alone, that has made copper sink to lows of 2018 and we are at the mercy of the markets right now. Gas prices have hit 15-month lows, and steel has not helped.
Good news? Well, Santa comes next week…
- 15 – This is the lowest that oil prices have been in 15 months with the US and Russia pumping more oil out then they can count. While OPEC said that they would be pulling back production, that still has not happened.
- 17 Cents – How much copper has dropped over the last three trading days.
- $8 per ton – Another decrease was seen across the markets through reported prices.
Social Scrap from Our Facebook Group
We went to pull up a post and this was the first one that popped up, but it is certainly not the first time that this question has been popped up before. While scrapping cars what is the best thing to do. Here are a few of the more popular answers:
- Just scrap it and be done with it.
- Sell it for parts and then scrap it.
- Rebuild it and sell for used car.
- Keep it and use it.
- Cut the cat and pull the battery- then scrap it.
All of these are right, but we would love to know what you think!
Non-Ferrous Market News
Well, hopefully, you are still reading this and did not turn it off after reading the opening line of the markets being in a tailspin- so let’s go over a few things. The markets are reacting like this for multiple reasons and they all have everything and nothing to do with each other.
- Oil Prices dropping and this is one of the major commodities that is traded and thus- a big problem for the markets.
- Federal Interest Rates- With these changing so much we are just watching the back and forth, and it’s tough.
- Overseas Concerns- Too many people are unsure that we are going to be able to make a deal with the Chinese and then couple it with that that the Asian markets are down a lot in 2018. Times are tough.
Aluminum tariffs are still hurting the scrap market badly and the estimate is that if there were no tariffs the prices would be up to $0.20 per lb on aluminum. But at the same time, you may an economy slow down if there were no tariffs in place. This is one of those chicken and egg questions.
Reported Non-Ferrous Scrap Prices (12/12 – 12/18):
|Green Bay, WI||Low Grade Boards||$0.08 per lb.|
|Rockaway, NJ||#1 Bare Bright Copper Wire||$2.45 per lb.|
|Chattanooga, TN||Brass Shells||$0.80 per lb.|
|Boise, ID||#1 Bare Bright Copper Wire||$1.99 per lb.|
|Toledo, OH||Cast Aluminum||$0.20 per lb.|
|Portland, ME||#1 Bare Bright Copper Wire||$2.10 per lb.|
|Middlesboro, KY||Aluminum Siding||$0.25 per lb.|
|Lithia Springs, GA||Insulated Copper Wire||$1.29 per lb.|
|Des Moines, IA||Computer Wire||$0.25 per lb.|
|Winnipeg, Manitoba*||#1 Copper Tubing||$2.75 per lb.|
|Buffalo, NY||Brass||$1.00 per lb.|
|Lancaster, PA||Stainless Steel||$0.25 per lb.|
|Dexter, MI||Stainless Turnings||$0.20 per lb.|
Ferrous Market News
Insert broken track here: ____. Markets down again. Well, we have seen the reported prices dip down and the market is showing us that the slowdown in steel prices is real- real bad. We are going to try to pull back and opinion on the metals for the next month as the holidays push through and the interest rates move around.
This is going to be a very tumultuous time and everyone has to know that these ups and downs are to be expected overtime- especially this time.
Reported Ferrous Scrap Prices (12/12 – 12/18):
|Claremont, NH||Shreddable Steel||$85/ton|
|Green Bay, WI||Sheet Iron||$145/ton|
|Toledo, OH||Shreddable Steel||$153/ton|
|Worcester, MA||Shreddable Steel||$90/ton|
|Providence, RI||Light Iron||$85/ton|
|Portland, ME||Shreddable Steel||$140/ton|
|Long Island City, NY||Light Iron||$60/ton|
|Muskegon, MI||Sheet Iron||$160/ton|
|Hamilton, Ontario*||Light Iron||$180/ton|
Gold has continued to stay strong, as has the palladium markets. We look for next year to really give us good direction overall for how things are going to push forward.
We wish you nothing but a safe, happy, and healthy holiday time. I know that we enjoy working on these and we look forward to continuing to add on in 2019. Merry Christmas from the team at the iScrap App.