Gobble Gobble Copper Gobble!!!
First and foremost we would like to wish you a very Happy and Safe Thanksgiving. Wow, 2020 has been quite the roller coaster and we have been happy to see the markets climbing towards the end of the year, as vaccinations are announced and 2021 is right around the corner. We hope that you can find something to be thankful and appreciative about, even if it’s just smiling because copper prices are over 2 1/2 year highs.
Heading into the end of the year we are happy to see multiple prices increasing from catalytic converters to copper to aluminum and to iron. All of these price increases are extremely welcoming, especially after such a tough year in 2019 and in 2020 for the markets.
- $0.04 – Increase of copper on Tuesday pushing it to the high of 2020.
- Up – Oil prices are up which means that we will start to see more increases in steel prices.
- $1,799 – Gold prices briefly slipped below $1,800 for the first time since early July.
Social Scrap from Our Facebook Group
Great problems to have are the ones that we always want to think about and share – and today is no different. Scrapper Eric P. posted a little line that caught our attention and we had big smiles on our faces because it is exactly what we think about each day!
The social game was so good this week we had to share a second post from iScrapper Roger B. Roger asked the group about the different magnets that they preferred and with over 60 responses in less than one day we would say that that was a winning formula. The consensus? Any magnet is a good magnet. Click through to see more responses.
Sometimes finding things to be thankful for is easy and sometimes it’s hard. This year has seen copper prices going over 1-2 year highs is something that we are going to be very thankful for. Going into 2021 with the possibility of copper rising, even more, we are paying close attention to the overseas commitments that the United States has; as well as the incoming administration.
With talks of a massive infrastructure rebuild, it will be very interesting to see what happens over the coming months as the possibility of stronger iron and copper prices for the next two years could become very likely. As we paid close attention to these markets, we are always looking at outside factors such as the price of oil or even the elimination of fossil fuels to move towards an electric vehicle market. While this will not be done overnight, it will be done in the coming years, which means the infrastructure to provide the roads and charging stations will have to be built and that will provide a massive amount of opportunities.
Reported Non-Ferrous Scrap Prices (11/18 – 11/24):
|Charlottesville, VA||Aluminum Cans||$0.24 / lb|
|Rockaway, NJ||#1 Bare Bright Copper Wire||$2.85 / lb|
|Marion, IA||#1 Copper Tubing||$1.95 / lb|
|Jacksonville, FL||#2 Copper Tubing||$2.00 / lb|
|Columbus, IN||Insulated Copper Wire||$0.98 / lb|
|Decatur, AL||Carbide||$3.50 / lb|
|Westville, IN||Aluminum Siding||$0.22 / lb|
|Hibbing, MN||Electric Motors (Copper)||$0.07 / lb|
|Cameron, MO||Car/Truck Batteries||$0.20 / lb|
|Detroit, MI||Yellow Brass||$1.40 / lb|
|East Hardin, IL||Brass Shells||$1.05 / lb|
|Halifax, Nova Scotia*||Clean ACR||$1.50 / lb|
With the price of oil increasing over the last few weeks, we have seen a massive jump across the board for all oil demand. While we pay close attention to this, we have seen the price of steel start to increase adding another $5 per ton over the last week. Those price increases could increase substantially going into 2021 with a potential infrastructure rebuild happening across the United States.
We hope to see the price of steel increasing over this time and continue going into 2021 and beyond.
Reported Ferrous Scrap Prices (11/18 – 11/24):
|Cygnet, OH||Scrap Iron||$0.05 /lb|
|Yakima, WA||Shreddable Steel||$0.08 /lb|
|Rochester, NH||Light Iron||$0.056 /lb|
|Gosport, IN||Unprepared P&S||$110 /ton|
|Skowhegan, ME||#1 Prepared||$0.06 /lb|
|Flint, MI||Shreddable Steel||$85 /ton|
|Haddon Twp., NJ||Light Iron||$0.06 /lb|
|Greenbay, WI||#1 HMS||$0.07 /lb|
|West Palm Beach, FL||Scrap Iron||$4.25 /CW|
|Carbondale, IL||Light Iron||$90 /ton|
|Wallaceburg, Ontario*||Tin||$130 /ton|
Other Metal Markets
With aluminum continuing to stay strong, we have seen the prices increasing over the last few weeks another penny or two per pound. While those prices are not big, we have seen continual price gains in the last six months which has been something that we have not seen in many years. Sometimes, it’s better to take the good and not look at how low the prices were historically.
Catalytic Converter Market News
BROUGHT TO YOU BY:
One of the biggest things that we have seen over the last few years is people complaining about the pricing of their catalytic converters. One of the biggest complaints, if not the biggest, is that no one is ever confident when they sell their catalytic converters that they were paid correctly. The team over at www.RRCats.com has changed that by quoting people and paying for shipping most of the time, as well as getting quick responses back to them.
Over the last week, we have seen the rhodium prices hitting all-time highs and platinum has rebounded after the small dip that we saw earlier last week. All these prices have contributed to higher market demand, as cleaner air and environmental priorities have taken shape over that time.
Scrap Catalytic Converter Prices This Week (11/18 – 11/24):
Cat Type/Serial Number
|JSH62||$287 / @|
|Small Foreign||$112/ @|
|Regular Domestic||$203/ @|
We want to wish you a very Happy Thanksgiving and we appreciate you tuning in constantly to learn and share your scrap metal experiences. Our team always loves the opportunity to work with you, whether buying your catalytic converters or providing prices on different metals. We look forward to growing with you and learning from you over the upcoming years and we wish you continued growth and a happy holiday season.
- Scrap Prices React To Vaccine News – 11/18/20
- Why Do Oil Prices Affect Scrap Prices?
- How Low Steel Prices Affect Jobs