This Week’s Scrap Metal Prices & Market News

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Quick Jump In Copper, But Will It Last?

ALSO: Don’t Expect 2021 Prices Anytime Soon…

Report Date: 10/6/22

Over the last week and a half, we’ve seen a crazy market across all spectrums, with ups and downs on extreme levels. On the stock market side of things, we saw some of the most significant drops in 2-1/2 years, and then, a few days later, we saw back-to-back days having massive increases. The up-and-down flows of the stock market also reflect in the commodities market, and we’ve seen that transpire over the last few days. 

Non-Ferrous Prices & Market Status

  • Copper – SELL

  • Aluminum – SELL

  • Brass – SELL

  • Copper Wire – SELL

  • Stainless Steel – SELL

SEE ALL PRICES

We have seen copper prices increase by about $0.10 over the last week, which is welcomed. Whether or not that will last will depend on many different factors. Now that we’re starting to see the oil prices go back up and supply cut across the spectrum, this may be a short-lived increase. We continue to recommend selling materials that you have, but our opinions could change simultaneously with the market changing so drastically.

Is Aluminum About To Go Up?

Aluminum prices will increase in the coming months as supply has been cut down overseas in Europe. With the energy crisis across Europe from the Russian invasion of Ukraine, aluminum smelters have big problems. We’ve seen different smelting and refining operations in Europe, pausing or halting all of the refining capabilities because the amount of energy needed cannot be used due to the conflict. This inturn may increase the aluminum pricing over the coming months. 

Non-Ferrous Scrap Prices

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Ferrous Prices & Market Status

  • #1 Steel – HOLD

  • Shreddable Steel – SELL

  • Light Iron – SELL

  • Cast Iron – HOLD

  • Complete Car – HOLD

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With small increases in the steel price over the last week and a half, we’re not going to expect any drastic increase soon. We’ve seen the pricing go up, maybe $5 to $10 per ton, but that is sporadic across markets as, overall, the markets are not in a strong position going into the fourth quarter.

Ferrous Scrap Prices

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Catalytic Converter Prices & Market Status

  • Catalytic Converters – SELL

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These prices have increased over the last week by about 3% across all three precious metals markets. These price increases have affected the catalytic converter markets and could go up again into the fourth quarter. One of the things we’re watching is the different incoming supplies, as they do not seem to be very high right now.

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This Week’s Summary

Figuring out what’s going on with these markets is about as complicated as could be right now. While we see prices going up in certain areas, we also see energy prices increasing at the same clip. These energy increases will hurt the markets going into the fourth quarter as this is generally a less stable time overall, especially the month of December.

If you think that the markets are going to go back to levels that they were in 2021, we believe that is a flawed philosophy as, overall; these prices are decreasing as more world talk of the recession continues.

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