🇺🇸 Happy Veteran’s Day! 🇺🇸
Good Day Scrap World!
We tend to be optimists here at iScrap and we’re optimistic that the copper prices and other metals are going to be strong over the next few years. There are a few things that we are looking to see happen politically, but overall, we have seen an increased demand in commodities the last few weeks and all of the news predicts that going into the rest of this year and early next year could be strong as well.
With recoveries and such markets as oil and the potential of a vaccine coming in the next few weeks or months has given some of the markets a very strong look going into 2021.
- 25 – Number of sessions that copper has traded above $3.00 per pound.
- 8% – Increase in oil prices since Pfizer’s vaccine announcement on Monday.
Social Scrap from Our Facebook Group
Sometimes you just need a laugh and these are some of those times. Today we are spotlighting a little joke that iScrapper R Scott C. posted and many people laughed over! Let us know your thoughts!
Copper May Be Strong Heading Into 2021
We have seen copper do a little bit of a bounce up and down the same $0.03-$0.05 over the last few days. When the announcement of the Pfizer vaccine came out on Monday, we saw copper jump but it leveled off to the original trading levels later on in the day. Since then, we have seen the copper prices go up and down and really hovering at the same level three days in a row. That is not a bad thing, as we look forward to recovery and hopefully, the vaccine will continue to buoy the commodities market, as we continue to see things improving.
We continue to see aluminum as one of the biggest market movers recently, with all pricing very strong over the last few weeks. It’s nice to see this as we gain more confidence in the overall markets.
Reported Non-Ferrous Scrap Prices (11/4 -11/10):
|Maricopa, AZ||Lead Batteries||$0.15 / lb|
|Rockaway, NJ||#1 Bare Bright Copper Wire||$2.65 / lb|
|Greenville, TX||Romex Wire||$1.50 / lb|
|Arvada, CO||Aluminum Cans||$0.33 / lb|
|Reading, PA||Stainless Steel||$0.30 / lb|
|Green Isle, MN||#1 Copper Tubing||$2.45 / lb|
|El Cajon, CA||Brass Shells||$1.57 / lb|
|Buffalo, NY||#2 Copper Tubing||$2.05 / lb|
|St. Cloud, MN||Insulated Aluminum Wire||$0.15 / lb|
|Bloomington, IL||Brass||$1.46 / lb|
|Covington, GA||Christmas Lights||$0.15 / lb|
|St. George, UT||Compressors||$0.06 / lb|
Steel Demand May Be Increasing Soon
For those of you who have been saving their iron, you might start to see an increase in demand and increased pricing in the coming weeks. With the oil prices surging because of the potential vaccine, we should expect to see markets rebounding going into 2021 as oil prices have gone up 5 to 7% in the last few days.
We have started to see some markets rebounding and some price increases but not enough to make a very large impact yet. We continue to watch these markets as things develop and hope to have an increase in overall prices.
Reported Ferrous Scrap Prices (11/4 -11/10):
|Connelly Springs, NC||Shreddable Steel||$6.00 /CW|
|Orem, UT||Light Iron||$65 /ton|
|Oklahoma City, OK||Scrap Iron||$0.05 /lb|
|Englewood, CO||#1 Steel||$50 /ton|
|Seattle, WA||Shreddable Steel||$50 /ton|
|Rahway, NJ||#1 HMS||$0.07 /lb|
|Sarasota, FL||Light Iron||$6.50 /CW|
|Skowhegan, ME||UPPD||$0.0425 /lb.|
|Waterloo, IN||Shreddable Steel||$138 /ton|
|Allen, KY||Tin||$5.50 /CW|
|Lancaster, PA||#1 Heavy Melting Steel||$7.00 /CW|
Other Metal Markets
Over the next few weeks we are hoping to see an increased demand in travel, but realistically it will take a few months. Once this demand starts to pick up, we will see more and more people traveling and the airline industry could start to increase. Once that starts to happen and more companies are ordering planes or flying them, then the high-temperature demand for items like stainless steel and inconel will start to increase.
Catalytic Converter Market News
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With continued demand for the car industry picking up, we have been seeing more and more increased prices for catalytic converter‘s. We’ve also seen an increase in the rhodium market, which has been very positive as well. With these increases, the team over at www.RRCats.com has seen increased prices and has been quoting customers through serial numbers and by pictures. We’re continuing to watch these markets, as platinum has not taken off the way that gold did a few months ago; so we’re hoping to see an increase in that soon.
Scrap Catalytic Converter Prices This Week (11/4 -11/10):
Cat Type/Serial Number
|Small Foreign||$106/ @|
|Regular Domestic||$195/ @|
With the US Presidential Race seemingly over, we’re hoping to have more clarity in the coming weeks on how the markets will be going to react to the new Presidency. We have a couple of more questions that need to be answered about different races that could affect taxes and commodities going into 2021. These are all very important things when it comes to figuring out the market and where things are going. Please continue to stay healthy and we look forward to talking to you next week.
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