This Week in the Scrap Markets: If we’re on a faster roller coaster last week than this week, we’re not even sure what we’re doing other than some kind of crazy rocket ship. After seeing the stock market trading temporarily pause on Monday after an overall decline of 2000 points; We are watching the market very closely and trying to understand what is going on. Fortunately, despite all kinds of crazy fluctuations in the market, we did not see much change in copper.
What we saw was a crazy drop in oil prices, the biggest drop since 1991. With oil prices falling 30% between Friday and Monday, it’s interesting to see what’s going on, primarily because of the potential war between Saudi Arabia and Russia. Now let’s get to the weekly report…
30% – Oil prices are down 30% in two trading days, which may not be good for the steel market. 1000s – Regular trading days at the stock market are in the 100s or less, wild swings up and down by the thousands is a crazy time.
This week, iScrapper James K. asked a question about a radiator that many answered immediately. We’ve seen the question about radiator cleaning before, and we’ve also seen the question that says copper or brass… Great answers.
Non-Ferrous Market News
This week’s story is not about copper prices moving, because the coronavirus and its repercussions on the entire economy and all social aspects. Copper prices have remained relatively unchanged for the past week and a half, despite the economic turmoil in the general markets. We watch these markets react to the stock market falling by 2000 points and then rising by 1000 points. Who knows what will happen today, tomorrow or the next day, but we are very pleased with how the market has reacted overall.
With oil prices falling 30% between Friday and Monday, this will affect the markets in every way. The story of the week, and indeed the next few weeks, will be how overall supply chains will be affected by the virus and the hangover effect in general. Reported Non-Ferrous Scrap Prices;
- Colorado Springs, CO Cast Aluminum $10.16/lb
- Rockaway, NJ #1 Bare Bright Copper Wire $12.05/lb
- McAllen, TX Alternators $10.21/lb
- Dunmore, PA Romex® Wire $10.52/lb
- Salem, OR Number 1 Copper Pipe $11.85 / lb
- Ponca City, OK #2 Copper Pipe $11.55 / lb
- Orem, UT Insulated Copper Wire $20.45/lb
- Mansfield, OH Brass $31.10 / lb
- Springhill, FL Aluminum Cans $10.30/lb
- Manitoba, CA Car/Truck Batteries $20.35/lb
- Florence, AL Aluminum Radiators $20.85/lb
- Kenner, LA Aluminum Exterior Cladding $30.23/lb
Ferrous Market News
For the last 30 years, we have always talked about how steel prices affect gas prices and how they are affected by it. It will be very interesting to see what happens to iron over the next few weeks, with gasoline prices dropping 30% over the last few days. This will become one of the biggest problems and/or concerns about what will happen next. Reported Iron Scrap Prices;
- Greensburg, PA #1 Steel $300/tonne
- Portland, OR Cast Iron $300/ton
- Shawnee, OK Fissile Steel $120/ton
- Portsmouth, OH Light Iron $210/ton
- Pella, IA #2 HMS $290/ton
- Rochester, NY Tin $316/tonne
- Bowling Green, KY #1 Steel $410/ton
- Harrisburg, PA Fissile Steel $390/ton
- Kenner, LA Light Iron $400/ton
- Vineland, NJ #1 HMS $50.07/lb.
- Louisville, KY Cast Iron $150/ton