Hopefully, everything has been going well by you and you have been staying busy. With the amount of metal news that’s coming in and out, it’s hard to get a really good grip on everything but we’ve been doing our best to figure out what’s going on with the market and how we can share with you our opinions and some facts to back that up.
We have seen some of the steel pricing increasing as of late but this might be a false positive as the overall market does not seem to be improving. Couple places have fluctuated over the last few days going up and down the same two or three cents but they are still above multi-week levels after some positive news coming out in the last week and a half. While we would’ve like to see the markets improving more than they have, we’re happy with the levels that are there since there are so many different pieces of news and information pouring in.
- 32%– Of the worlds used tires have been going to India and that is almost 5x the amount it was 5 years ago.
- $1724 per ounce- The current price of Palladium (as of 10/23/19 at 8:07am EST) and it seems to be rising more as the demand exceeded the supply for 6 plus years in a row. Can someone say meow….
Social Scrap from Our Facebook Group
This week we pulled out a post that started so many of us on the scrapping trails and that is aluminum cans. As we have seen so many people throwing things away we love seeing stories like this one from iScrapper Erica S. about making a quick buck on cans. We have all been there before and have looked for something to help fill a gas tank or buy a quick meal. Nice job and keep it up!
Like we had mentioned with the copper prices, you have seen some of the other markets such as stainless steel and nickel pulling back slightly. While the news is not the best overall news, it is still better than it has been over the last month. With so many pieces of political news continuing to populate the news cycle and making it more and more difficult to better understand what’s going on with the market, we are just continuing to watch and try to figure out what’s going on. With copper prices being relatively low in the overall scheme of things and in comparison to different levels in 2019, we are continuing to watch and monitor to see where there might be an increase. For instance, the yellow brass market has been very slow and we have been watching some of the other copper mixed metals having more and more of a problem with increases.
Reported Non-Ferrous Scrap Prices (10/16 – 10/22):
|Havelock, NC||Compressors||$0.11 / lb|
|Rockaway, NJ||#1 Bare Bright Copper Wire||$2.20 / lb|
|Lisbon, NH||Lead||$0.39 / lb|
|Memphis, TN||Aluminum Cans||$0.55 / lb|
|Pottstown, PA||ACR||$0.75 / lb|
|Phoenix, AZ||#2 Copper Tubing||$2.00 / lb|
|Vero Beach, FL||Romex® Wire||$0.35 / lb|
|Calumet, MI||Brass||$1.00 / lb|
|Blue Island, IL||#1 Copper Tubing||$1.88 / lb|
|Houston, TX||CATV Wire||$0.60 / lb|
|Valley Park, MO||Insulated Copper Wire||$0.25 / lb|
|Sacramento, CA||Aluminum Siding||$0.50 / lb|
We have heard that some scrap yards are having a more difficult time getting some steel and iron into their yards, as many people or yards are holding onto large amounts of material. Overall, it seems that even with a smaller or a larger price increase that this is not going to impact the markets in an overly positive manner. It seems to be a short boost that is not going to be sustained long-term until a good deal is made with the United States and the Chinese.
One positive piece of news that we can take and inject into the steel pricing is that the gas and oil prices have been relatively calm over the last couple of months. While there has always been political pressure on the horizon and then present situations in the middle east, the gas prices are still at very low levels compared to years past.
Reported Ferrous Scrap Prices (10/16 – 10/22):
|Greenbay, WI||Sheet Iron||$0.02 /lb|
|North Highlands, CA||Light Iron||$20 /ton|
|Columbus, OH||#1 Steel||$60 /ton|
|Chesterfield, MI||Shreddable Steel||$20 /ton|
|Waxahachie, TX||Scrap Iron||$0.015 /lb|
|St. Augustine, FL||Cast Iron||$50 /ton|
|Snohomish, WA||Light Iron||$30 /ton|
|Macon, GA||Shreddable Steel||$60 /ton|
|Gettysburg, PA||#1 Steel||$60 /ton|
|Cedar Lake, IN||Cast Iron||$50 /ton|
|Holdingford, MN||Shreddable Steel||$30 /ton|
Gold prices have dipped below $1500 per ounce and have shown strength in the last three months even with some of the decreases. As we briefly mentioned in some of our notes we have seen the Palladium prices hitting highs for 2019 driven by a shortage of material and a strong demand for continuing to improve emissions in different cars. Not only does this include cars but it also includes trucks and large commercial vehicles that are powered by diesel or gas fuels.
We continue to watch and listen for new pieces of news that could help so many people with the markets. Let us know what else there is that you’re looking for and we will get it to you.
- What Are Metal Tariffs & How Do They Affect Scrap?
- 5 Ideas For Scrapping During The Fall
- Preparing For Storms & Collecting Scrap Metal