We want to first and foremost remember 9/11, as it has been 17 long years since the tragedy happened and we are always thinking of the victims and their families. As we continue to watch these markets turn, it is always important to think about things that are more important then scrap.
Also, we want to take a moment to send our thoughts out to those in the path of Hurricane Florence. We hope that you are all safe and secure. We encourage to listen to local government for evacuation and stay safe. We are thinking of you.
As we wait for news on talks with Canada about a trade agreement, we are really waiting on ANY news (at least positive news) out of Chinese talks. This seems to be a weekly recurring theme, but hearing the threats of more and more tariffs between the two countries are not putting any optimism into our heads.
- 17 – As in the number of years since the 2,977 victims lost their lives on 9/11/01. Our thoughts are constantly with you.
- $267 Billion – As in the number of dollars that the Trump administration said to have had ready to levy on Chinese goods very soon.
- $1.86 – The average price of copper across the US/Canada over the last week (Based on Bare Bright, #1 Tubing, #2 Tubing, #3/Light Copper).
- 201,000 – That is the number of jobs that were added in August in the US.
- 4.2% -That was the growth during the 2nd Quarter of 2018…with the 3rd Quarter wrapping up many experts have said that it is possible to top that estimate.
Non-Ferrous Market News
Copper has had a slight uptick and we have seen the markets stabilizing a little bit ahead of more meetings with the Canadian government and hoping to talk with the Chinese more. This has, is, and will continue to be the trend going forward and until we figure out how it will be solved we will be continuing to see more and more mixed news all over the place.
Aluminum has shown a slight increase, but not enough to see our reported prices on aluminum change more than a penny or two over the last two weeks.
Reported Non-Ferrous scrap prices (9/5 -9/11):
|Carrolton, GA||Car/Truck Batteries||$0.30/lb.|
|Rockaway, NJ||#1 Bare Bright Copper Wire||$2.27/lb.|
|Tumwater, WA||Aluminum Radiators||$0.42/lb.|
|Russellville, AK||#2/3 Mixed Copper||$1.50/lb.|
|Rogersville, AL||Yellow Brass||$1.40/lb.|
|Oakley, CA||#3 Aluminum||$0.40/lb.|
|Lyden, WA||#2 copper tubing||$1.30/lb.|
|Battle Creek, MI||AL Extrusion||$0.50/lb.|
|Harrisburg, PA||#1 Bare Bright Copper Wire||$2.25/lb.|
|San Antonio, TX||Cast Aluminum||$0.33/lb.|
|Roanoke Rapids, NC||aluminum siding||$0.35/lb.|
|St. Cloud, MN||Stainless Steel||$0.25/lb.|
|Lilburn, GA||Insulated Copper Wire||$1.00/lb.|
What Scrappers Are Saying:
We reach so many of the messages that get put out on social media platforms and we think getting different opinions really matters. So below are a few quotes on what you, the scrapper, is saying through our many social pages:
Copper Transformer Talk
- “Some people think its worth the time to tear the copper out of them. I myself take them in like they are some yards will classify them as electric motors since its principles are basically the same thing (copper wrapped around steel).” – Derek W
- “Despite all the videos I’ve watched on breaking them down for #2 copper, I’ve found them to be a royal pain in the ass. For every one I do that went pretty decent, there’s 10 of em a nuclear bomb couldn’t touch so I sell em as is. Gotta watch out for the more recent/modern ones too they’re only half copper other side is aluminum windings.” – Dave W.
Tool Talk – Screwdriver Suggestions
- “I bought the biggest set Kobalt sells good luck with them so far also has a couple picks and star drivers with it also.” -Brad L.
- “My set of Klein s are my favorite no problems at all… I also got some craftsmen that aren’t nearly as good the craftsman eventually stop fitting in screws this us to work on… but ya Klein all the way!!” -Hunter L.
Ferrous Market News
With the steel prices dropping, we continue to go over what we started to talk about last week, and that was the reverse effect will be on scrap metal is very interesting. The companies that are buying scrap to remake into new steel have to come up with a way to offset those tariffs and the scrap market is really feeling the burn. With markets down at least $50 per ton on average across the board in August, it really was a tough month if you had not been paying attention to the scrap prices.
We have heard that the oil and gas prices should be dropping by the end of the month, and at least that would help the wallet while you are out and looking for scrap on the road. We have read a lot of comments about people saving their scrap non-ferrous until the markets go up, but it looks like most people are continuing to cash in their ferrous items as they get them in.
Suggested Reading: How Gas Prices & Scrap Prices Are (or Are Not) Related
Reported Ferrous scrap prices (9/5 -9/11):
|Glendale, AZ||#1 Steel||$70/ton|
|Ford Heights, IL||Light Iron||$140/ton|
|Columbus, GA||Scrap Iron||$0.60/lb.|
|Albuquerque, NM||Water Heaters||$90/ton|
|Lewisville, TX||Shreddable Steel||$40/ton|
|Northern Cambria, PA||Cast Iron||$7.00/cw|
|Lexington, NC||Light Iron||$40/ton|
|Jonesville, MI||Sheet Iron||$130/ton|
|Akron, OH||Shreddable Steel||$160/ton|
|Fort Scott, KS||Light Iron||$85/ton|
|Fort Walton Beach, FL||Shreddable Steel||$160/ton|
|Battle Creek, MI||Sheet Iron||$120/ton|
|Fenton, IL||Shreddable Steel||$110/ton|
Well, that is a lot of information to digest and it is, unfortunately, a lot to stomach right now. Gold has been stable. The markets are all over. The stocks keeping climbing.
Those are the brief things but we need metals to trend upwards, and that is not happening yet.
Stay tuned for next weeks update (hoping there is great news!).
Scrap ya later!