This Week’s Scrap Metal Prices & Market News

Scrap Market Stabilizes Amid Summer Heat: Key Insights on Copper and More!

Report Date: 7/17/2024

Hello Scrappers!

Surprise surprise! Two months after the market started a crazy spin in May, we have seen prices revert to previous levels and stabilize over the last couple of weeks. With copper prices stabilizing, we expect these prices to remain steady for the rest of the summer with little market news. There is a good supply of scrap coming into different scrap yards and copper manufacturing facilities. Still, many facilities in high-temperature areas will shut down for maintenance in the heavy heat of July and parts of August. Copper prices are not expected to move rapidly until the fall, coinciding with the approaching presidential election. Historically, we’ve seen stability in the copper and stock markets around elections as people avoid too much movement.

Should you HOLD or SELL your scrap?

Non-Ferrous Metal News:

Copper: Copper prices have stabilized and are expected to stay steady for the summer. The good supply of scrap and maintenance shutdowns in hot areas contributes to this stability. We anticipate minimal rapid movement in copper prices until the fall.

Aluminum: Aluminum prices have remained strong, showing resilience and strength. Check out our YouTube videos for tips on maximizing profits from aluminum scrap, as it’s currently one of the best areas to upgrade your scrap.

Ferrous Metals Update:

Steel: Steel prices have been relatively sideways, slightly increasing a few dollars per ton. The demand for new steel from factories impacts the steel recycling industry. Some larger steel manufacturers are discounting their products, indicating an oversupply. This trend is seen both domestically and internationally, with no pressure expected for price increases.

Stainless Steel: Stainless steel markets remain steady with no recent increases or news of rising market demand.

Catalytic Converter Recycling News:

Catalytic converter prices have been stagnant week after week, with no significant market movement expected.

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Special Market Insights:

Carbide & Rare Earth News

Carbide prices are rising, increasing by about $0.15-$0.25 per pound. Demand for these materials has increased, particularly in new manufacturing facilities. Over the last three months, the price of carbide has increased by about 8%, which is a positive trend compared to other metals.

Get a quote from our team and take advantage of our free shipping options.

Other Scraps News

Gold has hit an all-time record high, with prices exceeding $2,400 per ounce. Predictions suggest gold prices could hit $3,000 next year, impacting electronic recycling markets. While many companies have moved away from using heavy gold in residential products, advanced electronics, such as those for AI, are seeing more gold use. This trend will be interesting to watch in the coming years.

Silver prices are approaching $32 per ounce. It’s advisable to check and save your coated brass material, as this could be an opportunity to upgrade if your scrap yard is knowledgeable about these items.

Overall, the scrap metal market remains mixed, with some segments showing stability while others experience volatility. Stay tuned for further updates to help navigate these fluctuating markets.

Other Resources for Scrap:

Disclaimer: This material is solely for informational and educational purposes. It should not be interpreted as a suggestion or recommendation to buy or sell any commodity or associated securities. The author, Tom Buechel, holds no positions in the commodities or securities mentioned herein. His analysis often incorporates broad perspectives to foster diversity and objectivity. He may occasionally feature contrarian views and various market influences to maintain an unbiased approach. Content provided by iScrap App.