Good Day, Scrap Metal Community!
Hopefully, everyone has been able to tune in and receive the price alerts that we send out through both our iOS and Android app on your smartphones. If you don’t have the iScrap App please download it today so you can get more tips and market alerts during the week. Over the last week, we have not seen a very calm week as markets have moved in multiple directions and very quickly. These are the market turns that we fear as price fluctuations in large and quick movements always cause disruption overall.
Things that we try to look for are stable and very slow-moving price increases or decreases but we’ve seen anything but that over the last week. One day we saw Copper prices drop $0.16 a pound only to recover the following day by $0.09. Large drops and increases like this are not things that we want to see because it makes it very hard for scrap yards to be able to know their sales prices and thus have solid selling numbers.
- $0.16 – Copper drop per pound last week in one day.
- $0.09 – Copper increase the next day.
- $10 per ton – Decrease in steel prices.
Social Scrap from Our Facebook Group
Finding things that can be reused during scrapping is fun- but stories about finding something are more fun. This week iScrapper Jonathan H. found a 10mm socket inside of an engine (that for all he knows was the reason the car became scrap!). These little things just make people chuckle and at the time that we wrote this down, over 150 people are having a good laugh.
As we mentioned in the opening paragraphs, we saw copper prices dropping down so we started to dig a little deeper and see what some of the problems were. Not only are the political tensions, along with the COVID-19 ongoing pandemic a problem and an issue. We also have been looking very closely at the election, as different policy shifts could change where the metal prices go moving forward. These are all very important things that people don’t always think of when they hear about different candidates but different policy shifts will affect the market, as we saw a few years ago when the tariffs were put into place.
Outside of that, we conTinue to look at world powers that consume a mass amount of metal and the first two that come to mind outside of the United States are China and India. With these two nations accounting for 1/3 of the World’s population combined, they have demanded a large influx of metals not only to produce products for outside nations for export needs, but also for their own internal usage. Countries like China are continuing to invest in copper mines all over the world and trying to get more of a stronghold on the raw materials as opposed to the scrap that we have all learned to love.
Reported Non-Ferrous Scrap Prices (9/30 -10/6):
|Vancouver, WA||Stainless Steel Sinks||$0.19 / lb|
|Rockaway, NJ||#1 Bare Bright Copper Wire||$2.55 / lb|
|Columbus, GA||#1 Flashing Copper||$2.30 / lb|
|Norfolk, NE||#2 Copper Tubing||$2.19 / lb|
|Panama City, FL||Sheet Aluminum||$0.28 / lb|
|La Crosse, WI||Aluminum Cans||$0.32 / lb|
|South Dennis, MA||#2/3 Mix Copper||$1.40 / lb|
|New Haven, CT||ACR||$0.80 / lb|
|York Haven, PA||Starters||$0.10 / lb|
|Huntington, WV||Yellow Brass||$1.40 / lb|
|San Jose, CA||Zinc||$0.31 / lb|
|Peoria, IL||Small GM Cat||$20.00 /@|
Two major importers of steel, Turkey and India, have had multiple political tensions over the last few years that have caused steel prices to fluctuate. Over the last 10 years not only has China been one of the large consumers of steel, but Turkey has, as well but with caveats put into place and different sanctions, we have seen some of the steel prices having a bit of a receding effect. On top of that, you had the oil prices seeing very low points over the last 15 years and with less transportation taking place, you have steel markets that have been on the decline throughout that time.
Reported Ferrous Scrap Prices (9/30 -10/6):
|Harrisburg, PA||Shreddable Steel||$85 /ton|
|Loves Park, IL||Light Iron||$95 /ton|
|Allen, KY||Incomplete Cars||$6 /CW|
|Vinton, VA||Shreddable Steel||$6.25 /CW|
|Ranson, WV||Light Iron||$100 /ton|
|Hartley, DE||#1 UPPD||$6 /CW|
|Spartanburg, SC||Cast Iron||$3 /CW|
|Oklahoma City, OK||Shreddable Steel||$160 /ton|
|Rahway, NJ||Light Iron||$0.055 /lb.|
|Shreveport, LA||#1 Prepared||$6 /CW|
Other Metal Markets
The aluminum markets have been relatively flat over the last week, as we have seen steel and copper prices in a decline. We’ve also seen the price of nickel and stainless steel products receding as well, as the markets have become very loose and unpredictable at the same time.
Catalytic Converter Market News
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Prices of catalytic converters are difficult to get a good grip on but we continue to watch the markets and have seen a relatively stable flow over the last month or so. With rhodium prices hovering around $13,000 per ounce and consistently in that range plus or minus 3% that’s one of the three metals that we look at for a stabilization. The team at www.RRCats.com has been diligently working at getting more updated prices, as well as different ways to quote your catalytic converters whether it is through pictures or serial numbers.
If you are tired of not knowing what your catalytic converter is worth, you can always reach out to the team and they’ll be able to give you prices, as well as news alerts.
Scrap Catalytic Converter Prices This Week (9/30 -10/6):
Cat Type/Serial Number
|Small Foreign||$96/ @|
|Regular Domestic||$193/ @|
With less than four weeks until the US Election, the biggest news cycle and the market mover will be just that, the election, and how the markets are going to move afterward. We wait with bated breath as we expect a very turbulent road and it will be very interesting to see where the scrap markets come out at the end.
- Copper Stable, Steel Slips – 9/30/20
- How-To: Strip Copper Wire for Scrap
- What is Aluminum Extrusion?