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Is Copper Going to Hit $5?
ALSO: China Reopening Is Surging Prices
Report Date: 1/25/23
Over the last week, we haven’t seen anything as exciting as the last couple of weeks. That’s not bad because the market was relatively calm and didn’t have much movement one way or another. Sometimes having weeks that her flat can help lead to more stability and increased prices, as we have seen prices increasing online through reported prices over the last week.
There is a weakening demand for steel, with those markets declining, which will be discussed later. Many people are talking about oversupply at some of the meals after a slowdown in the last two months. They saw a pick-up in deliveries during January, as well as a pick-up in orders which decreased pricing.
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Non-Ferrous Prices & Market Status
Copper – SELL
Aluminum – SELL
Brass – SELL
Copper Wire – SELL
Stainless Steel – SELL
China Boosting Copper Prices
The reopening of China has led to copper prices having a strong surge over the last few weeks. Many predict that copper will hit $5 a pound, and this year could happen as early as the summer. Those predictions are based on the world markets, not having enough copper to consume and increasing the demand, and thus the pricing of copper.
Yeah, this is a story we have discussed before, so sometimes it doesn’t have much value. But we are here to report on what different economists and market predictors expect so you have a better idea of when to sell. We continue to strongly recommend selling red and yellow metals as the market has strengthened. According to many market economists, we think there could be a bit of a worldwide shock in the coming weeks and months. Many think that the recession that has been talked about could be not only happening but have a much swifter and bigger impact than previously thought of.
Suggested Reading: Tom’s Top Picks: Best Tools for Scrapping
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
Small Decrease In Steel Prices
After a strong month and a half of price increases, we’ve seen a price decrease in the last few days. You may not have seen this happening at your scales, but there is about a $20 price decrease across the board. These price decreases are unfortunate but not surprising, especially when you look at the prices we’ve seen over the last 2 to 3 months.
The fact is that oil prices have increased as well. Add to the attention of the price market decrease but should not be over alarming as these decreases happen after large periods of an uptick. This is not like 2028th or 2021 for the market, which saw a tremendous increase because of the lack of scrap.
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Ferrous Scrap Prices
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Catalytic Converter Prices & Market Status
Catalytic Converters – SELL
These markets have remained flat but have been steady over the last week. We have seen these prices be flat for more than four or five weeks, with the average price still hovering in the $ 145-$150 range. These basic market prices have been a welcome sign as we had such erratic swings over the last year and a half from the catalytic converter markets.
We’ve all seen that pricing can come down from extreme highs, one of the things that happened on the precious metal side. One good piece of news is that the price of platinum is continuing to stay strong as many people are predicting that Metals, like Platinum, gold, and other high-value, precious metals, could continue to strengthen as the recession intensifies.
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: Batteries & E-Scrap
Lead acid batteries have increased by 1 to 2 pennies per pound in the last month or so. These increases should not be that exciting, but they are newsworthy, as we have seen the markets increase through the recorded pricing features. On top of this, we are starting to see an increased demand on the stainless steel side of things, with those prices increasing about five cents per pound during January.
Caught something we have not spoken about in a while is electronic scrap. With gold prices hovering over $1,900 per ounce. The value of many electronics is increasing due to the price of gold. If you’re looking for strong buyers on electronics, they are hard to come by as most scrap yards have basic, if not zero, knowledge.
By utilizing the iScrap App, you can find some yards in your area and learn how to sort and separate your different electronics, which could help lead you to a potential buyer, even if someone to you mails you material.
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:
- How Often Do Scrap Prices Change?
- Why Do Oil Prices Affect Scrap Prices?
- How To Report Scrap Prices On Your Phone
- 7 Tips To Find The Best Scrap Yard & Prices
Your Scrap Yard:
- Finding The Best Scrap Yard
- 9 Signs of a Sketchy Scrap Yard
- 10 Things Your Scrap Yard Doesn’t Accept
- How Do Scrap Yards Work?