We hope that you have been enjoying these price jumps and taking advantage of cashing in. We have heard from many people that were saving their copper and were waiting for the price to change – and it looks like it paid off over the last month.
Why cash out now? Why not! With prices all over the place in 2018 we are happy to have the markets finally trending in a positive way. Even though they dipped a bit this week we still have a market that is up about $0.20 per pound over the last week.
Other Market News
- Oil Prices Jumping and some people are expecting prices of oil to possibly go as high as $100 per barrel.
- The Chinese Canceled Trade Talks – and $200 Billion worth of tariffs were pushed on different goods.
- Two Become One. Barrick Gold’s and Randgold Resources are going to become one company which will make them the largest gold mining and production company in the world.
Copper – With copper jumping most people are very happy with the performance of the overall market, especially because the key is the stability that the markets have provided over the last week.
Most Other Non-Ferrous Markets – Other markets like aluminum, stainless steel, and other metals that are made up of a nickel-based alloy are hurting. With stainless steel prices at multi-year lows, we have seen and heard many people not selling any of their nickel-based products.
There have started to be some signs of life for the copper wire market and other low-grade copper bearing materials. We have started to see countries in Asia such as Thailand, Malaysia, and multiple others starting to take more and more of these red metal scrap materials in.
Reported Non-Ferrous Scrap Prices (9/19 -9/25):
|Fresno, CA||Cast Aluminum||$0.38/lb.|
|Rockaway, NJ||#1 Bare Bright Copper Wire||$2.55/lb.|
|Ashland, VA||#2 Copper Tubing||$1.80/lb.|
|Jonesville, MI||Stainless Steel||$0.24/lb.|
|Portland, OR||Yellow Brass||$1.47/lb.|
|Covington, GA||Old Sheet Aluminum||$0.32/lb.|
|Baytown, TX||Car/Truck Batteries||$0.18/lb.|
|Louisville, KY||Insulated Copper Wire||$0.11/lb.|
|Iron, MN||#1 Copper Tubing||$2.05/lb.|
|Tooele, UT||Aluminum Clips||$0.25/lb.|
|Pottstown, PA||Sheet Aluminum||$0.30/lb.|
|New York, NY||#3 Roofing Copper||$0.50/lb.|
It looks like our favorite rusty metal has started to see signs of life. With the price of steel and iron scrap rising three weeks in a row we have seen the reported prices coming in reflecting those price changes. After a summer of prices continually dropping, it’s very refreshing and is growing optimism going into the rest of the year.
We have seen light iron prices increasing around $5-7 per ton and some heavier grades of steel have increased $10 per ton or more depending on what part of the country you are in.
Reported Ferrous Scrap Prices (9/19 -9/25):
|Montgomery, AL||Shreddable Steel||$120/ton|
|Leicester, NY||Light Iron||$120/ton|
|Englewood, CO||Shreddable Steel||$85/ton|
|Tooele, UT||Sheet Iron||$55/ton|
|Milwaukee, WI||Light Iron||$70/ton|
|Canton, IL||Shreddable Steel||$105/ton|
|Amarillo, TX||Light Iron||$80/ton|
|Covington, GA||Scrap Iron||$0.052/lb.|
|Iron, MN||#1 Prepared||$120/ton|
With the lack of communication between the Chinese and the US Governments trying to sort out tariff disagreements, we continue to see a large disconnect in what has been the largest trading partner with the US for scrap metals markets. It does not seem to be getting better with talks between the US and Chinese been canceled over the weekend, we will continue to see how this market will react and re-create itself due to situations we have not seen either in years or ever.
The gold market continues to remain stable with prices have ranged in the $1,205 per ounce range. Some outside economic influences such as interest rate hikes, real estate transactions, and continued questioning on the market will affect many metal prices. One of the positive things that we have seen has been the increase in consumer confidence which has hit an at the moment near high.