Another week – and here are nine months into 2018 behind us and three short months until 2019 hits! Wow, it is so crazy how fast time goes and we have seen that again this year. We have seen copper prices take big increases…and then big decreases and then mini increases right now. With so many trade tensions going on right now this should not be a surprise, but with the markets showing some positive signs, we have had a few week stretches of good news items to go over.
But first – we have seen and heard more people enjoying these price increases and have enjoyed having REAL PRICES that other scrappers are getting on our new homepage (www.iScrapApp.com). We have been updating the pricing averages for the top metals that people report and ask for and we have seen very positive feedback.
With the markets strengthening going into the final quarter of the year we are hoping to see these trends continue.
- Positive Trade News – One of President Trump’s goals was to redo the NAFTA trade agreement and we saw that come to fruition on Monday. The new deal called United States-Mexico-Canada Agreement or USMCA for short. This will free up trading in North America and will lead to higher wages and more products (metal ones) being made locally and that is a good thing.
- Oil Prices Up – But oil production up as well. With constrictions going into effect with Iran’s oil supply (over 11 percent of the world’s supply) we saw the oil prices rise to almost 4-year highs. This will affect all of us at the pump as well as prices to move metals worldwide.
- Anxiously Waiting – Now we will wait for the 3rd quarter numbers to see how the US GDP grew, this will be telling and could immediately up the metals prices.
Non-Ferrous Market News
Copper prices have been flat over the last week trading wise, but that is a good thing for pricing. With the markets being stable we have seen scrap prices rising for the first time consistently in a while. While we have seen some increases, we have not seen anything notable until the last two weeks. Yes, you may read articles about copper prices rising, but that doesn’t mean much if scrap yards are unable to find solid outlets for the scrap.
We have seen positive news happening within North America, but the elephant in the room still has continued to be the lack of progress with the Chinese and until this makes a news splash, it will be very difficult to see good things going forward.
Reported Non-Ferrous Scrap Prices (9/26 -10/2):
|Campbell River, British Columbia*||Aluminum Radiators||$0.36/lb.|
|Rockaway, NJ||#1 Bare Bright Copper Wire||$2.50/lb.|
|Oklahoma City, OK||#3 Aluminum||$0.40/lb.|
|Raleigh, NC||#2/3 Mix Copper||$1.91/lb.|
|Portland, OR||#1 Bare Bright Copper Wire||$2.30/lb.|
|Scarborough, Ontario*||#1 Copper Tubing||$2.00/lb.|
|Odenton, MD||#2 Copper Tubing||$2.00/lb.|
|Lowell, MA||Aluminum Rims||$0.50/lb.|
|Seattle, WA||Insulated Copper Wire||$1.20/lb.|
|San Jose, CA||Car/Truck Batteries||$0.21/lb.|
|Wheeling, WV||Sealed Units||$0.07/lb.|
|Hurst, IL||Lead Wheel Weights||$0.15/lb.|
|Billings, MT||AL/Copper Rads w/Iron||$0.67/lb.|
|Odessa, TX||Yellow Brass||$1.36/lb.|
Facebook Group Latest
Here are some of the top topics that we saw over the last week:
- “Prices Improving?” – 6 Responses, mostly positive…some still holding materials.
- “Can copper tubing from a Central AC Unit be number 1 or Bare Bright?? Or is it always number 2” – Overall opinion is that it will be a #2 copper because of contamination.
- “Saw a scrapper post a picture of homemade copper bars, see below! Shoutout to Alfonso!”
Ferrous Market News
With oil prices rising we have seen the steel prices following (which has been normal but these tariffs this year have thrown a hell of a monkey wrench into things!). We have seen, read, and heard that prices are up on average of about $15-20 per ton since Labor Day and we hear of more market increases coming soon.
Reported Ferrous Scrap Prices (9/26-10/2):
|Burlington, IA||Shreddable Steel||$125/ton|
|Bakersfield, CA||Light Iron||$100/ton|
|Bowling Green, KY||Shreddable Steel||$100/ton|
|Saginaw, MI||Light Iron||$140/ton|
|Rolling Prairie, IN||Shreddable Steel||$110/ton|
|Hurst, IL||#1 Prepared||$190/ton|
|Greenfield, MA||Light Iron||$140/ton|
|Billings, MT||Sheet Iron||$75/ton|
|Bemidji, MN||Unprepared Cast Iron||$70/ton|
|Hurst, IL||Sheet Iron||$110/ton|
|Russellville, AK||#2 Heavy Melting Steel||$8.00/cw|
|Tacoma, WA||Light Iron||$20/ton|
Other Market News
Gold prices have climbed to over $1,200 again and the markets have reacted positively. Even with gold prices rising we still have seen a problem with all of the electronics markets and the overall exporting.
Let us know what you think and we will try to get you as much information as quickly as we can. Thank you!