In the last few weeks, we’ve seen large and solid markets overall. Over the past few weeks we have seen needs balanced by a stable copper market. Instead of just talking about copper and steel prices, we want to talk about potential problems that will affect the scrap markets in the near future.
Of course, everyone will talk about the problems in Ukraine and that they will affect the commodity markets, which will certainly affect. As oil prices undoubtedly continue to rise, we will benefit from higher oil prices on the metals and scrap side, including most commodities.
We will continue to see markets increase and they are talking about aluminum prices that have already surpassed some of the records they have set. If you’re willing to gamble a bit, you might want to hold on to some high-grade aluminum as we expect the markets to pick up in the second half of this year, if not sooner.
Non-Ferrous Prices and Market Situation
Wow, copper prices have stabilized over the past two weeks. We are happy to see further increases in different spectra. We have seen the stainless steel and aluminum markets strengthen, with many regular 304 Stainless figures reported in the low $0.80 range even in the high $0.60 range for different regions. These prices also affect things like aluminum; here the markets go higher for higher aluminum grades, but not for mixed grades such as sheet aluminum. Sheet metal and cast aluminum will often be priced on the lower side of things as they are different quality aluminum melting pots put together.
Copper has remained really strong, but one of the things we’re looking at right now is how copper will react to oil markets approaching $100 a barrel. We can see copper prices at $0.20-0.30 per pound, but we can also see this increase unleash fast, so please be mindful of the updates we send through the app during the week.
Non-Ferrous Price Chart of the Week
We have seen steel prices increase by a total of around $30 per ton for weeks in a row. We’ve seen these markets rise to a level we haven’t seen since the end of 2021. Even as oil prices rise, we continue to see these markets remain strong on steel. We may continue to see demand rise in the coming weeks. These markets will continue to move towards positive ground. Even by the end of the summer, we can see the average prices for light iron approaching $250 per ton.
Iron Price Chart of the Week
With palladium and platinum remaining at high levels, we’re happy to see markets gaining around 5% to 7% for these two metals over the past few weeks. The start of the previous three months looks to be rhodium, which has risen about 45% since bottoming out a few months ago. This has resulted in prices for more catalytic converters reaching a national average, close to $188 per cat. While not record highs, these numbers are only slightly outside the highs we saw last May and June 2021.
With ongoing tensions between Russia, Ukraine and the rest of Europe, we may see further price increases in the catalytic converter markets as many of these metals are not only refined but also needed. They can slow down due to these tensions.
Other Metal Markets
We’ve focused on many of the next-generation batteries coming to market for things like both electric vehicles and hand tools. There are very high value metals in these markets, but there are also significant problems when it comes to recycling.
Many of these medals are very difficult to recycle and have proven to be one of the biggest challenges when it comes to the recycling industry responding to electric vehicle markets.
Going forward, we may see negative values assigned to many of these batteries, and if you’re starting to scrap older vehicles that are electric or even hybrid, you might want to think twice because the battery could cost you more money to get rid of. more than the car is worth. If you’re considering throwing these batteries away, please think twice as we’ve seen major problems occur around the world. The latest incident is the ship that burned down in the Atlantic as many electric vehicle batteries caught fire during transit, illuminating the entire area.