With one week to go until Thanksgiving, we want to wish all of you a Happy Holiday and Happy Thanksgiving season. About 8 days from now we hope that you are taking a rare scrapping day off and are watching the parade, maybe deep-frying a turkey, and getting ready to enjoy family and friends.
In the last week, we have been watching these markets and it has become increasingly difficult to gauge what is going to happen, so let’s break it down. Copper has retreated again week over week, but with that looming meeting with the US and China the end of this month we have heard more good news (more on that below).
Quick Numbers/Other Markets
- 12 days. Consecutive days of oil declining. Good for the gas pump.
- $30 per ounce – The amount that gold dropped last week even with the markets being down.
- 2240 pounds = Net Ton
- 2204 pounds = Metric Ton
- 2000 pounds = Gross Ton
- …read more about weights
Social Post Of The Week
For years we have had people talking and asking about how taxes are handled with scrap and this week we saw it come up again. Click to our Facebook Group to see more about this dialogue and weight in with your thoughts. Thanks for the question Lee!
Non-Ferrous Market News
Copper has had a turbulent week with the markets going up and down about 5-7 cents per lb overall. With the markets in limbo, we have to watch what is going on going into the meeting at the end of this month and with the holidays here. With such a strong year in the stock markets, a lot of the commodity traders are still making money even with the metal prices down. Because of that, we are going to see some companies pulling out profits from the markets and we may see non-ferrous prices fall even more.
With that a possibility, we have to be able to prepare for the markets in total to go on a downward trend for the balance of this year.****
BUT that being said, the news that the US and the Chinese diplomats have been working together the last few days on new talks and potential trade deals is a very good sign leading up to the meeting in Argentina later this month. These talks could lead to very positive news and if you hear on the news (or through iScrap!) that the next round of tariffs has been put on hold then you can expect the metal and stock markets to increase almost instantly.
Reported Non-Ferrous Scrap Prices (11/7 – 11/13):
|Byhalia, MS||Brass||$1.00 per lb.|
|Rockaway, NJ||#1 Bare Bright Copper Wire||$2.45 per lb.|
|Weyburn, Saskatchewan*||#2/3 Mixed Copper||$1.50 per lb.|
|Warsaw, IN||Ballasts||$0.05 per lb.|
|Shelburne, Ontario*||#2 Copper Tubing||$2.60 per lb.|
|Northern Cambria, PA||Stainless Steel||$0.30 per lb.|
|Odenton, MD||Copper Transformers||$0.18 per lb.|
|Streetsboro, OH||Car/Truck Batteries||$0.25 per lb.|
|Omaha, NE||ACR||$2.50 per lb.|
|San Jose, CA||Sealed Units||$0.10 per lb.|
|Lowell, MA||#1 Bare Bright Copper Wire||$1.90 per lb.|
|Lawrence, KS||AL Extrusion||$0.47 per lb.|
|Vinton, VA||Yellow Brass||$0.86 per lb.|
|Huntington, WV||Brass Scrap||$1.20 per lb.|
|Lansing, MI||Lead Batteries||$0.45 per lb.|
Ferrous Market News
Steel has continued to increase in price with the markets really taking a strong turn since October 1st. That news is a VERY welcome change. With all types of political tension and problems that will always be an on-going thing, we have to look at the basics for the markets right now. The supply and demand of the markets show that we are in a solid place that is constantly going to be needing metal.
With the tariff shock from the last 6 months setting in and companies that do new production seeing where the markets are going to be, they have been able to adjust. We talked to 3 different large scrap yards over the last week that buy thousands of tons of steel and month and none of them had anything but positive or even-keeled news to saw about the steel markets- and that is good news.
Reported Ferrous Scrap Prices (11/7 – 11/13):
|San Jose, CA||#1 HMS||$0.065/lb|
|Minden, LA||Light Iron||$100/ton|
|Spokane, WA||Steel Shavings||$0.005/lb|
|Warren, MI||Shreddable Steel||$140/ton|
|McKenzie, TN||Light Iron||$150/ton|
|Warsaw, IN||Sheet Iron||$85/ton|
|Davie, FL||Shreddable Steel||$125/ton|
|Wichita, KS||Light Iron||$85/ton|
|Johnston, RI||Shreddable Steel||$95/ton|
|Marion, IA||Cast Iron||$0.07/lb.|
|Fremont, IA||Light Iron||$135/ton|
|Poplar Bluff, MO||Shreddable Steel||$170/ton|
We think that with the holidays here you will see a large opportunity for business cleanouts as well as consumers throwing things away with all of the gift giving on the way. The aluminum market continues to be weak and is not showing any signs of life- so those of you holding onto your material we do not blame you.
Happy Thanksgiving from the Team at the iScrap App!
Scrapppp ya later!