Steel Falling on Oil Prices – 2/3/21

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Hey Scrappers! 

As we are located in the Northeast, we were blanketed with 2 to 3 feet of snow over the last couple of days and any of you that were hit with the same snowstorm, we hope that you’re doing as well as possible. One of the biggest problems with snow is the impact that it has on finding and processing Scrap as we know it takes a large toll not only on scrap yards but on scrappers as well.

The Effects of Snow & Winter on the Scrap Industry

Over the last week, we have been intently watching these markets trying to get a grip of what’s going on with them, but so far we have not seen any concrete evidence or news coming out that will affect the markets in any type of a positive light. Many people are waiting for the stimulus to take hold and until that happens, we’re all in a wait-and-see pattern.

Quick Numbers

  • 2013 – Silver is at 8-year highs. 

Weekly Facebook Group Highlight

This week we have seen snow, snow, and more snow- so we wanted to share something different. While many of you look to find cars to crush we saw a post about how cars used to get transported and had to share this. Don’t you wonder how many of these rail cars got scrapped out as well?

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Non-Ferrous Market News

Aluminum Has Been Recovering

Over the last few months, we have watched the aluminum market as it has had a very nice recovery when you consider what was happening for 2 to 3 years running up to this point with tariffs that were put into place. Now that we have started to see the market leveling itself out we have seen prices recovering even with a slight pullback over the last couple of weeks.

Copper prices have slightly recovered after a few days of an up-and-down motion. So far we haven’t seen too much indication moving forward of what the markets will look like for the rest of the year as many people are waiting on not only stimulus information but also economic news on where the markets will be in the upcoming months for supply and demand. Overall Copper has still remained strong going into the second month of the year and we expect these markets to continue at the levels that they are at according to all market experts.

Reported Non-Ferrous Scrap Prices (1/27 – 2/02):

Location

Material

Price

Kranzburg, SD 304 Stainless Steel $0.35 / lb
Rockaway, NJ #1 Bare Bright Copper Wire $3.03 / lb
Evansville, IN Insulated Copper Wire $0.65 / lb
Pittsburgh, PA Aluminum Copper Radiators $0.95 / lb
Bloomington, IL #1 Copper Tubing $2.82 / lb
Sherman, TX #2 Copper Tubing $2.60 / lb
Crossville, TN  Aluminum Cans $0.31 / lb
Portland, OR Low-Grade Boards $0.25 / lb
Shelby, NC Sealed Units $0.15 / lb
Pinellas Park, FL Yellow Brass $1.72 / lb
Independence, KS Lead $0.40 / lb
Kamloops, British Columbia* Cast Aluminum $0.45 / lb
CHECK CURRENT PRICES

 

Ferrous Market News

Price of Oil Impacting Steel Prices

The pricing on oil and gas has started to impact the steel prices, as we have seen these markets pull back over the last few weeks. We have seen the prices for steel drop $50-$70 per ton across the market and we expect further drops coming in the next few days.

With the large run-up in pricing that we saw in December and in January, this should not come as a surprise to anyone. Overall, the markets have reacted very strongly and we are happy with the recovery that we saw even with the large price drops over the last few weeks.

Reported Ferrous Scrap Prices (1/27 – 2/02):

Location

Material

Price

Landsdowne, PA Light Iron $0.07 /lb
Loves Park, IL Shreddable Steel $180 /ton
Shreveport, LA #1 Heavy Melting Steel $5.50 /CW
Grantsburg, WI Complete Car $125 /ea
Fort Collins, CO Shreddable Steel $130 /ton
Syracuse, NY Mixed Tin $210 /ton
Pennsauken, NJ  #1 Steel $0.11 /lb
Birmingham, AL #1 UPPD $6.00 /CW
Tulsa, OK Tin $120 /ton
Pensacola, FL #1 HMS $0.09 /lb
Thunder Bay, Ontario* Shreddable Steel $140 /ton
CHECK CURRENT PRICES

Other Metal Market

Other markets such as lead, have not seen much of an increase or decrease over the last month as markets have stabilized slightly. One of the reasons that we have not seen very large impacts on lead prices is due to the fact that we have an oversupply of batteries going into the smelting operations across the country and the prices have reflected that.

Catalytic Converter Market News

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With prices remaining near record highs, we have seen some fluctuations over the last two weeks with the markets. While the markets have not changed much, we have seen enough of an impact that we are optimistic that these higher prices will be here for the foreseeable future.

We have seen large fluctuations in the markets as different trading factors came in to play and have affected the markets overall. But we have seen rhodium prices increasing above $20,000 per ounce again and looking forward, we expect to see this market continuing its strong climb for the predictable future.

Scrap Catalytic Converter Prices This Week (1/27 – 2/02):

Cat Type/Serial Number

Price

EA6 $399/@
GD3 $689/@
JSH62 $364/ @
12606389 $364 /@
25130440 $305/ @
Small Foreign”}” data-sheets-userformat=”{“2″:577,”3”:{“1″:0},”9″:0,”12″:0}”>Small Foreign $127/ @
Regular Domestic”}” data-sheets-userformat=”{“2″:577,”3”:{“1″:0},”9″:0,”12″:0}”>Regular Domestic $217/ @

 

Thank You.

As we continue to stay on top of the markets, we always love to hear reactions on things that you like and don’t like that we talk about. If there’s anything that you want us to go more in-depth about, please let us know and we will continue to add more information week after week.

– Tom


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