We hope that you had an excellent and over-indulging Thanksgiving and were able to enjoy a day or more off with friends and family. With the shortened week with the holiday we saw abbreviated trading, but not much good news for metal prices overall.
With oil continuing to get hammered (it was down 8% Friday alone and 35% for the year from the highs), we have seen gas prices slipping at the pump which has been great to see. How those oil and gas prices are going to affect the metals markets will largely be felt about a week from now- after the meeting between the US and China at the G20 Summit in Argentina.
- 675 million pounds- the estimated weight of Turkeys bought and cooked for Thanksgiving 2018.
- $2.61 per gallon- Average price per gallon for regular gas.
- 48.5 million– The number of people that were going to travel 50 or more miles for Thanksgiving.
- $7 per ton- Decrease in steel predicted across the board over the next 5-7 business days.
- 50%- The amount of the worlds new production of steel coming out of China.
Social Scrap from Our Facebook Group
This week is not as much scrap related- but related to where scrap pickups can bring you to. We have heard some crazy stories about how people get scrap, where they find it, what they have to do to get things pulled out. Now we hear about a former mobster acquaintance- What’s Next?!?!?!
Non-Ferrous Market News
Markets are down and very reluctant on copper news. With the world markets softening right now we are waiting to see what is going to happen with them going forward. The meeting that we seem to not stop talking about this weekend is going to show a large reflection on the markets on Monday. If we hear that the US plans on increasing tariffs on the Chinese from 10% to 25% on 200 billion in goods this January- that will be a bad sign for copper and non-ferrous markets.
With the prices of Nickel being at multi-year lows we have seen the demand for stainless steel really taking a beating and overall we have had mixed feelings on how the markets are going to perform with these mixed feelings.
With the stock market taking a 1,100 point selloff last week we saw a lot more pessimism with the markets really taking a swing down.
Reported Non-Ferrous Scrap Prices (11/21 – 11/27):
|Cleveland, OH||Yellow Brass||$1.00 per lb.|
|Rockaway, NJ||#1 Bare Bright Copper Wire||$2.52 per lb.|
|St. Hubert, Quebec*||Lead||$0.70 per lb.|
|Vicksburg, MS||Dirty AL/Copper Fin||$0.15 per lb.|
|Albany, NY||Sheet Aluminum||$0.37 per lb.|
|Rosedale, MD||EC Wire||$0.50 per lb.|
|Charlotte, NC||#1 Flashing Copper||$1.50 per lb.|
|Columbus, GA||#2 Copper Tubing||$2.24 per lb.|
|Pandora, OH||Insulated Copper Wire||$0.40 per lb.|
|Winchester, KY||#1 Bare Bright Copper Wire||$2.13 per lb.|
|Cartersville, GA||Aluminum Siding||$0.45 per lb.|
|New Caney, TX||#1 Copper Tubing||$2.30 per lb.|
|Hagerstown, MD||Computer Wire||$0.20 per lb.|
Catalytic Converters: Cha-Ching!
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Ferrous Market News
Steel prices are down for the first time in two months with the market reacting to the end of the year and possible oversupply. With the markets showing a bit of a pullback we are still very optimistic that the prices are in a strong place overall. With oil prices at low prices and high output on oil, we have seen this affect the steel prices quickly.
While new cold-rolled steel prices continue to climb to high rates for that new production, we have seen the Chinese markets react in a negative way. With the tariffs still in place we have seen the demand for Chinese Steel, which makes up for 50% of the world’s production, slip down as they begin to take more iron ore in to make new steel. Why is that significant? Well, recycled steel that has already been taken from iron ore is cheaper to recycle and make into raw stock again. With supply from the US cut off we have seen the Chinese turning back to more mining operations for their steel.
On top of the problems with the overseas material, there are also government pollution sanctions that are being put into effect in China that are leading to more lower rates.
Reported Ferrous Scrap Prices (11/21 – 11/27):
|Cleveland, OH||Shreddable Steel||$0.06/ton|
|Chattanooga, TN||Light Iron||$105/ton|
|Vicksburg, MS||Scrap Iron||$0.08/lb|
|Brook Park, OH||Shreddable Steel||$140/ton|
|Madbury, NH||Light Iron||$0.04/lb|
|Pandora, OH||Cast Iron||$0.12/lb|
|Mays Landing, NJ||Light Iron||$140/ton|
Aluminum has continued to be beaten down as has the nickel markets. We have seen the nickel prices dropping steadily and reported prices have reflected that decline. This means that the stainless market is in for bad news and we have seen some reported prices coming in around $0.21-0.32 per lb right now and it seems to be getting weaker as the weeks go on…