What a day it is. Today is a good day to have a good day – unless of course, you are waiting for steel and iron prices to rise. In that case, it is a bad day because we have not seen any upward movement in months and it does not seem to be coming anytime soon.
- 3 Days – The number of times that the stock market has closed at all-time highs over the last week.
- $0.11 per pound – The jump between the low and the high copper trading market over the last 7 days, talk about a roller coaster.
Social Scrap from Our Facebook Group
Many weeks, we talk about the articles that affect scrap prices as well as different stories about metals. Not too often do we see a selfless post like this one from Noah C. that talks about how all of the money he gets for his scrap goes towards St. Jude Children’s Hospital. In honor of this incredible post, the team at the iScrap App donated $100 in Noah’s name because some things in life are worth sacrificing, in order to help others.
Scrap on Noah…scrap on.
With the markets up for copper over the last week, we have enjoyed the bump in the markets. Even with the bump that we have seen; there is still a lot of pessimism that the market will still be going down or staying at these levels. With very little news coming out of Washington DC or Beijing about the tariffs and trade negotiations, we have not had much optimism that there will be a deal struck anytime soon.
Just because there are conversations going on between the countries; that doesn’t guarantee we will be able to see any type of increase in the markets. It’s going to take more than a couple of positive meetings to really show that there’s confidence and strength between the two countries producing a fair agreement.
Reported Non-Ferrous Scrap Prices (7/10 – 7/16):
|North Little Rock, AR||#2/3 Mix Copper||$1.80 / lb|
|Rockaway, NJ||#1 Bare Bright Copper Wire||$2.38 / lb|
|Waynesboro, VA||Sheet Aluminum||$0.30 / lb|
|Buffalo, NY||Insulated Copper Wire||$0.30 / lb|
|Connersville, IN||Brass||$1.25 / lb|
|Boise, ID||Lead Batteries||$0.09 / lb|
|Deridder, LA||Aluminum Cans||$0.30 / lb|
|Inver Grove, MN||THHN Wire||$1.35 / lb|
|Metropolis, IL||Electric Motors (Aluminum)||$0.07 / lb|
|Cohoes, NY||Aluminum Rims||$0.60 / lb|
|Amery, WI||#2 Copper Tubing||$1.90 / lb|
This market has continued to be sideways for the last 2 weeks, but after a tough 6-7 week period, sideways is ok. We have talked to numerous people about the markets and overall not many people are optimistic. We continue to watch the gas and oil markets to see if they will increase or decrease and have some type of impact, but we have not seen many good pieces happening.
Suggestion To Read: Why Do Oil Prices Affect Scrap Prices?
Most everyday scrappers will not get steel turnings, but if you are dealing in industrial scrap the steel turnings market has been very, very rough. We have seen the market drop over $100 a ton in the last month and a half, which is more than double that of the other markets.
Reported Ferrous Scrap Prices (7/10 – 7/16):
|Cincinnati, OH||#1 Steel||$90 /ton|
|Bismarck, ND||Cast Iron||$40 /ton|
|Chattanooga, TN||Unprepared HMS||$85 /ton|
|Russellville, AR||Tin||$4.50 /CW|
|Trainer, PA||#1 Steel||$100 /ton|
|Elmira, NY||Cast Iron||$100 /ton|
|Covington, VA||Unprepared HMS||$110 /ton|
|Carbondale, IL||Sheet Iron||$0.05 /lb.|
|Billings, MT||Refrigerators||$55 /ton|
|Tacoma, WA||Unprepared HMS||$60 /ton|
|Benton Harbor, MI||#1 Steel||$100 /ton|
Aluminum market has been relatively slow, as we have not seen any pricing increases as of late. While we monitor the weekly report and prices; nothing has jumped out over the last few weeks that makes us optimistic that the market might be recovering this summer. On top of that multiple mills and furnaces are shut down for many weeks during the summer, because of extreme heat and repairs on equipment
Looking forward to hearing any ideas and different tips that you might want for the scrap metal market. Talk to you next week!
- Things Aren’t Looking So Good… 7/10/19
- What is Aluminum Extrusion?
- 6 Best Strategies For A Dropping Scrap Market