Those Prices Seem Promising… – 6/10/2020

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Good Day to All!

We hope that everyone is doing well and staying busy during all of these times. It looks like all of the states have reopened and the scrap prices have increased, so we are on a good page. Watching some of these copper prices increase to highs that have not been seen since February, has been extremely positive.  That is a great indicator that we have market increases and overall economical increases. Many people are getting back to work and it seems like many states, as they reopen are continuing to bring in more manufacturing, as those jobs are starting up.

While the weather heats up and more people are going outside, we should expect to begin to see higher prices on gas and oil which could cause our iron and steel markets to increase going into July. We are only 1/3 of the way into the month of June and we’re still very optimistic for a metal recovery on all prices this summer into the fall.

Quick Numbers

  • 10,000 – The Nasdaq hit an all-time record high after the drastic falls seen in March.
  • 2 – The 2nd month of this year we saw our highest copper prices, those prices increased to reach marks again.
  • $40 – Oil prices are creeping up and many producers are pulling back on their production for the next few months. 

Social Scrap from Our Facebook Group

This week we got a message from a new member about reselling equipment and tools and the drop-off in sales over the last month. J.I. talked about scrapping and reselling equipment and it was interesting to read some of the responses to his post and how he is doing during these tough times.

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Non-Ferrous Market News

As more and more people continue to go back to work and the copper prices continue to increase, we are watching the market closely over the next few weeks to see how they align with the stock market. As the stock market has continued to recover after bottoming out in March, we have seen more and more price increases as they have continued to shine during this recovery. While many people might not see the immediate impact of some of the markets, the traders on Wall Street are betting on an overall economic recovery that is shaped more like a V instead of going into a recession moving forward.

No Good News for Aluminum…

One market that we continue to look at very closely is the aluminum market which has had little to no movement for the last two years since the trade war went into effect and the tariffs were implemented.  The aluminum market has barely recovered and if anything has decreased further over time. We have watched the markets and are trying to see what type of reaction they are going to have to go into this economic recovery which has not been seen yet.

In other nonferrous markets, we have not seen much recovery overall. Nickel markets or stainless steel markets have seen a dramatic decrease overall for the last year and a half. While nickel and stainless are great alloys to use in multiple industries, with the aerospace industry being in a bit of a funk it has been very difficult to be able to see those price recoveries happening anytime soon. We’ve talked to many large recyclers who are holding onto their nickel metals in large weight volumes hoping that these price increases come relatively soon.

Reported Non-Ferrous Scrap Prices (6/3-6/9):

Location

Material

Price

Miami, FL Aluminum 6063 $0.20 / lb
Rockaway, NJ #1 Bare Bright Copper Wire $2.20 / lb
Beltsville, MD Insulated Copper Wire $0.70 / lb
Sparks, NV Dirty AL Radiators $0.03 / lb
Moyock, NC Sealed Units $0.08 / lb
Portland, OR 300 Series Stainless Steel $0.25 / lb
Taylorsville, UT Brass $1.07 / lb
York, PA Aluminum Cans $0.30 / lb
Finksburg, MD #1 Copper Tubing $2.00 / lb
Greenville, TX #2 Copper Tubing $1.95 / lb
Greenbay, WI Car/Truck Batteries $0.20 / lb
Peterborough, Ontario* Stainless Steel Sinks $0.40 / lb
CHECK CURRENT PRICES

Ferrous Market News

As the oil market continues to recover we are hoping to see the steel and iron market doing the same over this period of time. As the oil prices increase and the Gas prices increase across the US and as large overseas suppliers have cut their production of oil, we are hoping to see that impact the steel market relatively quickly. We have seen an increase of over $70 per ton over the last few months since bottoming out back in March and even seen negatively traded oil prices.  We are hoping that the upward trend continues.

Reported Ferrous Scrap Prices (6/3-6/9):

Location

Material

Price

New Braunfels, TX Tin $0.03 /lb
Cleveland, TN Shreddable Steel $0.04 /lb
Vinton, VA #2 Heavy Melting Steel $0.05 /lb
Parker, KS Scrap Iron $90/ton
Hurlock, MD Light Iron $80 /ton
Ridgway, PA Tin $65 /ton
Deerfield, FL Shreddable Steel $95/ton
Albany, NY Shreddable Steel $130 /ton
Owosso, MI Shreddable Steel $90 /ton
Freetown, MA Light Iron $105 /ton
Arnprior, Ontario* Shreddable Steel $50 /ton
CHECK CURRENT PRICES

Other Metal Markets

Gold has slightly pulled back over the last few weeks, as more investors have been optimistic that the markets are going to recover and have pulled their money out of the precious metal that we all love so dearly and wear as jewelry, use inside of electronics and inside of many other high functioning equipment.

Catalytic Converter Market News

Wow, many companies and people tell you that they will always be able to pay you the most money for your catalytic converters, however; very few companies will be as reliable and consistent as the team at RRCATS.com. We are following the Rhodium, Palladium, and Platinum markets extremely closely and this gives the team the ability to be able to grade any pictures or serial numbers sent in.

Trying to find reliable sources to sell material to has always been one of the most difficult things and our team is ready to help you with all of your cats and give you more information on them week by week. The prices are up overall and we are happy to have the opportunity to work with you.

Scrap catalytic converter Prices This Week (6/3-6/9):

Cat Type/Serial Number

Price

EA6 $279 / @
GD3 $395 /@
JSH62 $215 /@
12606389 $240 /@
25130440 $157 / @

Thank You.

We hope that you continue to stay safe and stay busy as we all persevere through these difficult times. We are very happy where the markets are and we’re happy that more and more people are reacting in such a positive way.

– Tom


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