This Week’s Scrap Metal Prices & Market News

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Copper’s Brief Recovery Amid Low Summer Expectations

ALSO: How Oil and Gas are affecting Steel

Report Date: 6/7/23

Hey Scrappers!

Last week we dodged a bullet when the debt ceiling was raised. So, what does this mean for metal prices? Well, since the new law was signed a few days ago, copper prices have gone up about $0.20 per pound. A lot of you might be happy about this unexpected jump. But don’t get too excited – most folks don’t expect the prices to keep going up this summer.

That doesn’t mean we can’t be happy about the small victories in the market. But for now, we don’t think prices will keep rising a lot in the near future. Plus, we’ve heard that oil production might be cut back, which could cause gas prices to go up between $0.25 and $0.50 per gallon soon.

We’ll chat more about that in the coming weeks. We’re planning to bring in more people to talk about gas prices.

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Non-Ferrous Prices & Market Status

  • Copper – SELL
  • Aluminum – HOLD
  • Brass – SELL
  • Copper Wire – SELL
  • Stainless Steel – HOLD

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Where is Copper planning on going this summer?

With copper prices going up recently, a lot of people have been feeling pretty good as we start June. Any price increase is a good thing. But given that there’s still a lot of copper around, we’re not sure how much more the markets can grow. Remember, prices are all about supply and demand, and right now the global economy is pretty unpredictable, which makes it tough to guess where prices will go.

News from China shows their economy is slowing down and probably won’t speed up much for the rest of this year. Unless we see big changes in countries like India soon, we don’t think the booming market of 2021 will happen again. Even though more and more electric cars are being sold, this still won’t be enough to push copper prices up in the short term.

Aluminum prices have also been falling. We’ve seen about a $0.20 drop in the price of high-quality aluminum, like 6063, in the past month. This is disappointing because aluminum prices often move like copper prices and help us predict what the market will do. These falling aluminum prices are not a good sign for scrap prices this summer. What you see now is probably what you’re going to get.

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Ferrous Prices & Market Status

  • #1 Steel – SELL
  • Shreddable Steel – SELL
  • Light Iron – SELL
  • Cast Iron – SELL
  • Complete Car – SELL

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Are you feeling optimistic about Steel moving forward?

Even though steel prices have gone up a bit in the past few weeks, people aren’t really feeling more optimistic. The markets are still pretty low compared to the past few years, and these prices might drop even more this summer.

I recently visited four different scrap yards and saw less supply than I have in the past five years. One yard I talked to usually had about 5000 tons of steel on average over the past 10 years, but now they only have 2000 tons. That’s a lot less material, and it shows that not as much is coming in, which isn’t great news.

On top of that, oil and gas prices, especially diesel, keep going up, which doesn’t help prices increase. If you want to learn more about what could happen, we’ll have some videos coming out over the next few months about the 2024 election and how different candidates could affect prices.

Suggested Reading: If Oils Rise, Do Scrap Metal Prices Rise?

Light Iron Scrap Prices

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Catalytic Converter Prices & Market Status

  • Catalytic Converters – HOLD

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We’re happy to see that platinum and palladium prices have gone up a bit over the past week and a half. As more car companies catch up with their backlog from Covid, we’re seeing more supply and less demand, which puts downward pressure on the markets. The precious metals in catalytic converters aren’t used a lot in other industries, so it’s hard to expect a big increase in demand.

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Other Markets

Nickel should be a hot item right now, but it’s not. We thought prices would go up as more electric cars are made, but that hasn’t happened. We’ve been reading about other countries producing a lot of nickel, which could help prices in the future.

Recycling stainless steel is great because it doesn’t need to be mined and it’s ready to be used again. The problem is that there’s a lot of material out there, and with Russia producing a lot of the world’s nickel, it makes the world markets a little uncomfortable. We haven’t seen a long-term solution yet on how nickel prices will change in the next six months.

What’s Coming Next

Please let us know any videos or topics that you would like us to talk about and will be sure to get those on the list and posted in the next few weeks.

Thanks for tuning in this week; please check out our weekly report every week, as well as many of our other YouTube videos that can teach you about the markets, including prices, qualities, and other things about Scrap.

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