Why Are Steel Prices Down? – 4/17/19

Jump To Non-Ferrous Prices

 

Jump To Ferrous Prices

Good Day!!!

We hope that everyone is enjoying the beginning of spring, looking forward to warmer weather, and higher scrap prices are hopefully coming soon. As Easter weekend is upon us we want to take a second and talk about the incredible loss at the Cathedral of Notre Dame and at least we are thankful that no one was injured or worse from there.

Every family has different traditions for Easter and we are hoping to wake up and find a trail of stripped copper wire outside our door leading to a larger box brought to us by the Easter bunny and if we do will send you a picture. As the prices over the last week I’ve been flat in the non-ferrous market, we have seen the fairest side of things take a further drop.  

Let’s get down to the brass tacks and into a few more details.

Quick Numbers

  • $11 per ton – The price that steel went down on average week-over-week.
  • 5 Years – The highest price for iron ore in five years is taking place right now (how’s that for a contradiction to the first number?).
  • 4% – The amount for gold has fallen with so many people so confident in the economy right now and going away from the safe haven of the beloved yellow metal. 

Social Scrap from Our Facebook Group

We love to see innovation and great ideas and this was one of them! Jason B. did some fancy rigging and maneuvering to make money on this trailer multiple ways- and that’s what we like to see!!!!! 

We would love to hear your scrap stories so please post or share to [email protected].

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Non-Ferrous Market News

Copper has been very steady over the last week with the markets been relatively unchanged. We are hoping that this is a trend that will continue and as little news has come out of the China and US negotiations we don’t have much to report over the last week. We have seen our higher national prices and we are hoping that that trend continues going into the rest of this year. 

There are multiple markets that still have not recovered or shown many signs of life and one of those is the nickel and stainless steel market. Another metal that has taken a hit would be an alloy that contains nickel such as inconel. These are not everyday metals that you would find on the road scrapping, but they are being affected by the markets. 

Reported Non-Ferrous Scrap Prices (4/10 – 4/16):

Location

Material

Price

Saanichton, British Columbia* #1 Copper Tubing $3.00 / lb
Rockaway, NJ #1 Bare Bright Copper Wire $2.62 / lb
Fairbury, NE Brass $0.88 / lb
Gadsden, GA Low Grade Boards $0.06 / lb
Waverly, OH Aluminum Siding $0.30 / lb
Port Arthur, TX Stainless Steel $0.41 / lb
Marietta, GA #2 Copper Tubing $2.29 / lb
Henderson, CO Car/Truck Batteries $0.20 / lb
Savannah, GA Yellow Brass $1.55 / lb
Wapakoneta, OH Insulated Copper Wire $0.55 / lb
Manvel, TX Aluminum Cans $0.40 / lb
Youngstown, OH Bronze $1.50 / lb
CHECK CURRENT PRICES

Ferrous Market News

The news that we have been hearing is that a lot of the mills and steel furnaces in the US have more material sitting on the ground or already paid for and getting delivered then they need at this time. That is part of the reason that we have seen the markets dropping down. Some people might think that holding the material for a while will help, but this is a much bigger picture than you would think and what we will need is major market movement or changes to affect it. 

Suggested Reading: 6 Best Strategies For A Dropping Scrap Market

Reported Ferrous Scrap Prices (4/10 – 4/16):

Location

Material

Price

North Bay, Ontario* Light Iron $170 /ton
Gadsden, Al Tin $.07 /lb
Burleson, TX Unprepared Cast Iron $100 /ton
Henderson, CO #1 Steel $0.045 /lb
Sharonville, OH Cast Iron $100 /ton
Newark, OH Light Iron $120 /lb
Conroe, TX Cast Iron $100 /ton
Maria, OH Unprepared Cast Iron $120 /ton
North Bend, OH Refrigerators $95 /ton
Youngstown, OH Light Iron $150 /ton
Edgerton, OH Cast Iron $135 /ton
CHECK CURRENT PRICES

Thank You.

– Tom


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*Canadian Dollar