With these crazy market times, we have continued to be stumped by the news that comes out daily (sometimes hourly) that goes against other stories that we have heard.
While we have continued to monitor the markets, both the metals, oil, stock, and other commodities markets it has been tough to get a hold of.
For example in the US stock markets, we saw a large rally on Monday when we heard that the US and the Chinese governments were working together and sanctions and tariffs have been put on hold. By the end of markets close on Tuesday we saw a 200 point drop and early Wednesday when this was written there was a premarket 200 point loss.
What does that mean for metals you may wonder? Well, instability is not a great thing and unfortunately, that is what we are seeing. Copper up and down $0.06-0.07 in a two-day trading period is the norm nowadays and that makes it difficult for scrappers and for scrap yards to know the prices as well as they need to.
Non-Ferrous Scrap Markets
Like we mentioned copper has been up and down, while we try to figure it out. Copper continues to be valuable for the production of new items from wire to electronics, but the Chinese’s continued halt of many imports have made it difficult for US scrap yards to move many types of materials.
While many items are at normal prices like aluminum and copper piping, we have seen the mixed grades taking a big hit for percentages.
Stainless and nickel markets have been steady for most of 2018, yet we have heard that the silver colored metal may be in for a rebound the second half of 2018.
Reported Non-Ferrous Prices (5/16 – 5/22):
|Fortuna, CA||Aluminum Rims||$0.30/lb|
|Rockaway, NJ||#1 Bare Bright Copper Wire||$2.77/lb|
|Newberry, SC||Cast Aluminum||$0.25/lb|
|Sterling Heights, MI||Stainless Steel Breakage||$0.12/lb|
|Philadelphia, PA||Steel BX||$0.08/lb|
|St. James, MO||#2/3 Mixed Copper||$2.25/lb|
|Crossville, TN||#3 Aluminum||$0.38/lb|
|Barstow, CA||Brass Shells||$1.00/lb|
|Green Bay, WI||Carbide||$8.00/lb|
|Provo, UT||#1 Bare Bright Copper Wire||$2.65/lb|
|San Antonio, TX||Cobalt||$0.35/lb|
|Maple Grove, MI||Yellow Brass||$1.73/lb|
|West Palm Beach, FL||Old Sheet Aluminum||$0.40/lb|
|Mabscott, WV||Electric Motors||$0.10/lb|
Ferrous Market Update
Steel prices have increased slightly on the coasts with light iron climbing for the first time in multiple weeks. We saw the prices jump about $5 per ton overall in the light iron market with the heavier grades staying at a healthier level as well.
With oil prices continuing to rise and the markets reacting to multiple political crises going on we still are very optimistic that this market will remain where it is for the rest of 2018 and hopefully will increase once we see some of the political events shaping up soon.
Reported Ferrous Prices (5/16 – 5/22):
- Macon, NC: Light Iron, $140.00/ton
- Hermiston, OR: Shreddable Steel, $110.00/ton
- Lebanon, MO: Scrap Iron, $190.00/ton
- Rio Rancho, NM: Light Iron, $90.00/ton
- Ocala, FL: Shreddable Steel, $100.00/ton
- New Tazewell, TN: Light Iron, $120.00/ton
- Lansing, MI: Scrap Iron, $200.00/ton
- Carroll, IA: #1 Heavy Melting Steel, $200.00/ton
- Omaha, NE: Shreddable Steel, $175.00/ton
- Defiance, OH: Sheet Iron, $182.00/ton
Gold has continued to be weak and that is not surprising with the stock markets staying so strong. The other markets like plastic and cardboard have also been very weak and that is because of the overseas problems that we have talked over the last few weeks.
Scrap ya later!