Steel Steals Headlines!
With the price of copper cooling off a little bit over the last week, we have seen another market heating up in new ways that we have not seen in many months. The price of steel is rising month over month and that’s a good sign. There have been at least a $30/ton on steel over the last two weeks and that is a welcome sign for scrap prices.
One of the problems that we’ve seen recently has been a lack of enthusiasm for the overall copper market, as the pullback over the last week or so has spooked investors. As we look for rebounds in the overall market, we’re hoping to see aluminum prices continuing to stabilize and also copper prices starting to have an uptick.
- $0.17 – Copper fell $0.17 in one day, signaling possible weakening demand.
- $3.13 – National average for gas per gallon is very high and could lead to increased steel pricing.
Weekly Facebook Group Highlight
Dryers are a pretty common scrap find, and it seems there is more than one way to make money on them. Not only is there its scrap value (iron and copper wire) but you’ll be amazed what other cash you can find in it! Morgan here came out with an extra $18 in change 😱 I mean, that’s not so bad! You can think of it as a tip, almost. So scrappers, make sure to look for all the spare change and anything else that might have fallen out of pants pockets before you scrap your next dryer.
In response to our video “Scrap Yards Not Paying Cash?”…
Question: “So, are we talking about payments going to a direct deposit system, or are they talking about eliminating payment altogether?”
Tom: “They are not talking about eliminating anything, but what we are doing is talking about possibilities. These possibilities are worthy to be discussed and we want to be able to share them out loud.”
Steady Prices Are Strong for Copper
Red hot became more like lukewarm. With the markets cooling off over the last seven trading days, we have seen the markets fall into a little bit of a dip. While they are still strong, we are happy to see that these markets are continuing to push forward and not have large decreases in overall prices. We have been happy with the overall markets as there have been some talks of different strikes in mining operations across the world. These could cause large problems in the copper markets and we will continue to pay close attention to them.
Reported Non-Ferrous Scrap Prices (5/19 – 5/25):
|Denver, CO||Aluminum Radiators||$0.39 / lb|
|Rockaway, NJ||#1 Bare Bright Copper Wire||$3.90 / lb|
|Rochester, NY||304/18-8 Stainless Solids||$0.50 / lb|
|Philadelphia, PA||Sheet Aluminum||$0.42 / lb|
|Hillsboro, OR||Brass Shells||$2.48 / lb|
|Spokane, WA||#2 Copper Tubing||$3.15 / lb|
|Durham, NC||Romex® Wire||$1.71 / lb|
|Columbus, GA||Aluminum Cans||$0.56 / lb|
|Decatur, AL||Car/Truck Batteries||$0.19 / lb|
|San Marcos, TX||Dirty Brass||$1.52 / lb|
|Barstow, CA||#2/3 Copper Mix||$2.50 / lb|
|Thunder Bay, Ontario*||316 Stainless Steel||$0.70 / lb|
Steel Is Increasing
With the iron ore market increasing in overall price, steel prices have jumped, as well. These markets have been very strong over the last couple of weeks and we hope to see them continue to increase going into the summertime, which has traditionally been a very up and down market period.
The price of iron ore is increasing and as long as the global recovery continues, we should see these trends moving forward for the foreseeable future. Going into the summer, we may continue to see these prices and them increasing, it’s possible to see strong demand as manufacturing and other supply chains have still been interrupted with massive delays for shipping consumer products. This could lead to long-term strength in the market.
Reported Ferrous Scrap Prices (5/19 – 5/25):
|Ardmore, OK||Tin and/or Long Iron||$8.75 / CW|
|Peoria, IL||#1 HMS||$170 / ton|
|Portland, OR||#2 HMS||$200 / ton|
|Cleveland, OH||Shreddable Steel||$180 / ton|
|Alvin, TX||Scrap Iron||$0.08/ lb|
|New Iberia, LA||Tin||$145 / ton|
|Birmingham, AL||#1 Prepared||$9.00 / CWT|
|Salina, KS||Shreddable Steel||$140 / ton|
|Stroudsburg, PA||Light Iron||$10.55 / CW|
|Jacksonville, FL||Cast Iron||$11.50 / CWT|
|Fayetteville, NC||Shreddable Steel||$0.06 / lb|
Other Metal Markets
Aluminum prices have continued to stay strong and maintain their overall growth. We have seen the prices maintaining a strong level and just like the market for steel, we could see the sustained growth for consumer demand increasing as stimulus money continues to be spent and distributed. This may lead to an increased demand not only for auto sales but also for consumer electronics and many other consumer goods that contain metal.
Catalytic Converter Market News
BROUGHT TO YOU BY:
Getting hard news is always difficult and as we have seen the price of rhodium drop 40% over the last few days, this is, unfortunately, one of those times. We always know that these markets have the ability for large fluctuations, just like you may have seen in the cryptocurrency space, but when you have large run-ups in different items, it’s not surprising to see fast erosion of prices for those same items any period of time.
The demand for all of the metals is still very strong – one thing that we have seen is problems in different supply chains, as well as in different consumer behaviors that have led to different fluctuations over the last few days. This should not be too concerning, as we have mentioned that these prices are very high and could lead to long-term problems with large increases and decreases in the market like we are seeing.
Scrap Catalytic Converter Prices This Week (5/19 – 5/25):
Cat Type/Serial Number
Please let us know if you have any questions about different market events that are going on or any general questions continue to make more money with your scrap. Until next week, we hope that you have a very Happy Memorial Day weekend. Stay safe and we will scrap you later.
- Last Week’s Report: Steady Scrap Prices Across The Board
- How Gas Prices & Scrap Prices Are (or Are Not) Related
- Current Palladium Scrap Prices – Catalytic Converters