Weekly Scrap Metal Market Update: Seeking Stability Amidst Declines
ALSO: Is There A Car Battery Comeback?
Report Date: 9/27/23
Unpredictable Market Terrain
Good Day, Scrappers!
Navigating the current metal markets is proving challenging, with several commodities witnessing notable erosions. Nickel takes the lead in this downtrend, registering a year-low for three consecutive days. Such fluctuations directly impact stainless steel prices, which have faced significant setbacks over the past year. As prices show an inconsistent pattern, concerns rise for commodity prices for the remainder of the year.
Non-Ferrous Metals: A Shaky Copper Market
Recent times have seen copper prices decline by over $0.20, reflecting a weakening sentiment given the absence of evident economic growth. Additionally, a broader selloff of commodities is observable. A potential copper mine strike in South America might be the only respite, providing a temporary market boost. The declining gold prices, teetering on the edge of dropping below $1900 per ounce, do little to boost optimism. The market is currently reminiscent of a feeble entity attempting to stabilize itself.
Non-Ferrous Prices & Market Status
- Copper – SELL
- Aluminum – SELL
- Brass – SELL
- Copper Wire – SELL
- Stainless Steel – SELL
Ferrous Prices & Market Status
- #1 Steel – SELL
- Shreddable Steel – SELL
- Light Iron – SELL
- Cast Iron – SELL
- Complete Car – SELL
Ferrous Metals: Steel’s Downward Slide
The past fortnight recorded a decline in steel prices between $15 and $20 per ton, depending on the specific market. As we approach October, no price surge seems imminent. Increased oil prices juxtaposed with waning economic optimism do not paint a hopeful picture for steel prices in the upcoming months. For those holding onto any material, it might be time to make a move unless you’re prepared for a long haul.
Catalytic Converters: Persistent Declines
- Catalytic Converters – SELL
The converter market has seen a downward trend, with a cumulative drop of about 2.5% over the past week. The temporary hikes in the market seem to be behind us. Even though there might be sporadic price surges due to economic activities influencing Platinum, significant increases for palladium or rhodium seem distant. If you’re considering selling your catalytic converters, reach out to RRCats.com for a guaranteed 10-day price lock and complimentary shipping on all OEM catalytic converters.
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Other Markets: The Quiet Evolution of Car Batteries
There’s a modest increase in car battery prices, though no significant market explosion seems on the horizon. With electric vehicles’ continuous progression, Lead appears to be overshadowed unless a revolutionary energy storage breakthrough emerges.
Wrapping Up
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- Choosing the Best Wire Stripper
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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.
