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Are these drops temporary?
ALSO: Steel is steady…which is good.
Report Date: 2/8/23
Hopefully, everyone’s been paying attention to some of the prices with a bit of a drop in the price of copper. They shouldn’t come as much of a surprise after some of the events over the last two weeks. We think these price drops are temporary as the long-term output and prospects for copper continue to be strong.
One item that we will watch closely over the next couple of weeks is steel, as the tragedy of the earthquake in Turkey and Syria could hurt the prices. We will get into that later.
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Non-Ferrous Prices & Market Status
Copper – SELL
Aluminum – HOLD
Brass – SELL
Copper Wire – SELL
Stainless Steel – HOLD
High Demand for Copper
The more articles we read and the more traders we talk to, the more we continue to see an extremely high demand for copper for the foreseeable future. If we look at copper prices on a week-over-week basis, we will always have changes. Some of the price problems we’ve seen in the last two weeks have been due to the US dollar losing value as the Chinese dollar continues to have a higher value. That has hurt the prices in the short term.
The more articles that we read and the more traders that we talk to, we continue to see a short supply of copper and an increased demand for the foreseeable future for copper prices. Many people think that trading prices could reach five dollars a pound again, but it may not be until later this year or the next year or two.
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Non-Ferrous Scrap Prices
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Ferrous Prices & Market Status
#1 Steel – SELL
Shreddable Steel – SELL
Light Iron – SELL
Cast Iron – SELL
Complete Car – SELL
Will Earthquake Affect Prices?
Steel prices have stayed steady over the last few days and weeks. There is some concern that the earthquake will disrupt some of the prices as mills inside the United States might be able to pay less if the overseas markets stop for the next few weeks.
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Ferrous Scrap Prices
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Catalytic Converter Prices & Market Status
Catalytic Converters – SELL
Markets have been very flat to negative the last few weeks. There haven’t been many pieces of good news coming out of the precious metals market, which has been disappointing. But we have been seeing steady overall prices even though we have been slightly down in the last few weeks.
We’re still waiting for a lot of the auto manufacturers to be able to catch up, and once they do, we expect to see these markets improving with a 30 to 40% upside, but that may take 6 to 12 months even to start to happen.
The team at RRCats has continued to hold pricing for quoted catalytic converters for ten business days and free shipping on all OEM catalytic converters. If you’re interested in learning how it works, please get in touch with someone at RRCats.com.
10-Day Price Lock for Catalytic Converters
For a price lock of 10 days, don’t hesitate to contact RRCats.com Team to get a better idea of catalytic converter markets and free shipping on OEM cats.
Other Materials: Aluminum
The aluminum markets have seen upswings with prices, jumping $0.03-$0.05 per pound over the last few weeks. That is a positive sign as we have yet to see much-increased aluminum prices. Hopefully, this trend will also continue as we go into the springtime, and we get a better feel of not only where the economy is but also where the prices will be.
If you’re looking for us to talk about anything specifically, please send us comments at the bottom of the videos, and we will talk about those in the coming weeks.
We hope that the scrap world has been treating you well, and if you’re looking to learn anything that we have not spoken about, please comment so we can get back to you. Till next time we will scrap you later.
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Basics of Scrapping:
- Scrapping 101: How To Get Started
- Non-Ferrous vs. Ferrous Metals
- Basics: Your First Trip To A Scrap Yard
- How Do I Start Scrapping Metal?
Advanced Scrapper Resources:
- Full-Time Scrapping: Is It An Option For You?
- Best Time for Your Trip to the Scrap Yard
- The Best Wire Strippers for Scrap Copper Wire
- Top 9 Industries That Affect Scrap Prices
How Scrap Prices Work:
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- How To Report Scrap Prices On Your Phone
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Your Scrap Yard:
- Finding The Best Scrap Yard
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- How Do Scrap Yards Work?