First and foremost we want to pay our respects to George H. Bush, our 41st US President who passed away over the weekend. Anytime a leader of our country passes away it is a sad day and we want to take a moment to remember him and his contributions to the country.
With the stock markets being closed on Wednesday, December 5th to remember the life of President Bush we hope that you hug your loved ones a little tighter this holiday season and remember it is not all about money and scrap sometimes.
We hope that with the holidays here and prices still at very strong levels that we can hopefully make some waves before the big man in the red suit hopefully comes. We just finished paying attention to the hottest working dinner in all of 2018- and it ended with the promise of a second date.
With the good news of increased January 2019 tariffs being put on hold we are able to see the markets react positively on Monday- and then we saw a decrease kick in on Tuesday that caused a 10 cent swing and immediately affected the markets (in a bad way).
While the quick increase, coupled with the stock market jumping was welcome, Tuesday things came back to normal with the markets returning to negative territory.
- 117 Days– The number of days left for a trade deal to be struck with China or tariffs increase.
- $20 per ton– Price drop in the steel market in the last 8 days.
- 41 Days- The number of days that gas prices have fallen in a row with a national average around $2.44 per gallon (Compare that to diesel prices in France in the $6.50-7.00 per gallon range – WOW!)
Social Scrap from Our Facebook Group
We hear all types of stories and ones that connect us to parents or grandparents always seem to be a little nicer to hear, especially around the holidays. Most people involved in HVAC, Electrical, Plumbing, or other industries that create scrap don’t know the stories because scrap often comes easier to them. This story from Brian made us smile and based on the comments a few other people as well. Happy Scrapping.
Non-Ferrous Market News
Stainless Steel has been one of the weakest metals in all of 2018 with the value of Nickel falling at exponential rates. We remember seeing prices a few years ago with stainless as high as $0.80 per pound and now the reported prices have been in the $0.20-0.30 per lb range and going down. With the metal becoming less and less needed we have seen this market slowly but surely eroding and there seems to be little positive news about it coming back.
Copper prices have faltered with the markets jumping on the news of tariff suspensions and then falling on Tuesday due volatility. To guess what happens to our favorite red metal for the rest of the year is going to be very tough and we think that the market will be mostly untouched for the rest of 2018 with the holidays here and still a lot of uncertainty upon us.
Aluminum continues to weaken for the lower graded items and that does not seem to be going away anytime soon. The higher grades of aluminum like Bare 6063, 6061, stripped wire, those have been easier for people to move, but the lower grade sheet and Cast Aluminum (and dirty parts of each) have been VERY difficult.
Reported Non-Ferrous Scrap Prices (11/28-12/4):
|Jamestown, NY||#1 Copper Tubing||$2.16 per lb.|
|Rockaway, NJ||#1 Bare Bright Copper Wire||$2.50 per lb.|
|Jasper, AL||#2 Copper Tubing||$1.80 per lb.|
|Cassadaga, NY||#2/3 Mixed Copper||$1.95 per lb.|
|Rockdale, TX||#1 Bare Bright Copper Wire||$2.28 per lb.|
|Wichita Falls, TX||Clean Brass Turnings||$1.30 per lb.|
|Crystal Springs, MS||#1 Bare Bright Copper Wire||$2.10 per lb.|
|Tucson, AZ||ACR||$0.89 per lb.|
|Timmins, Ontario*||Aluminum Siding||$0.30 per lb.|
|San Antonio, TX||Romex Wire||$0.96 per lb.|
|Langley, British Columbia*||#1 Bare Bright Copper Wire||$2.20 per lb.|
|Vicksburg, MS||Aluminum Radiators||$0.36 per lb.|
|Bowling Green, KY||#1 Copper Tubing||$1.90 per lb.|
Ferrous Market News
With steel prices taking a quick nose drop two weeks in a row we have seen the markets go down about $16-21 per ton over that span. With quick drops we reached out to a few industry experts and here is wha one said:
“No export sales and ones that exist are at lower numbers. Domestic getting softer too since no need be higher too much than export.” -Steel Buyer
With the markets getting more and weaker, we are in a wait and see mode for the rest of 2018 (predictably down) and 2019 Quarter 1 seems to be the elephant in the room.
Reported Ferrous Scrap Prices (11/28-12/4):
|Skowhegan, ME||Shreddable Steel||$70/ton|
|Auburn, AL||Light Iron||$0.06/lb.|
|Clarkston, MI||Shreddable Steel||$80/ton|
|Brockton, MA||Light Iron||$200/ton|
|Waterloo, IA||Cast Iron||$140/ton|
|Jasper, AL||#1 HMS||$8.750/cw|
|Oxford, NC||Light Iron||$120/ton|
|Stoystown, PA||Shreddable Steel||$1300/ton|
|Worcester, MA||Light Iron||$145/ton|
|Waterloo, Quebec*||Shreddable Steel||$170/ton|
|Lynchburg, VA||#1 Steel||$140/ton|
With strong talks with the Chinese, we have seen the gold market go to some of its highest levels in the last few months with prices hitting $1241 per ounce. We still do not expect the electronic scrap to increase as the primary buyers (China) are retreating more and more from these mixed metal products.
With 3 weeks until Christmas we expect a small blitz to happen then followed by a bit of a lull during the Christmas through New Years week- stay tuned and we will fill you in as best as possible.