Metal Commodities and Recycling Report, Goldsboro Metal Recycling, 801 N John St, Goldsboro, NC, 27530, 919-731-5600

Metal Commodities and Recycling Report
Goldsboro Metal Recycling
We Buy Junk Cars For More Cash
801 N. John St.

 

This is the Commodities and Recycling report, brought to you by BENLEE the industry leader in roll off trailers and open top scrap trailers, as well as Raleigh and Goldsboro Metal Recycling, the leaders in North Carolina for Scrap Metal, Cardboard, Electronics and Junk Cars. 

 
Today is Monday, June 15, 2015.  My name is Greg Brown, President and CEO of the companies.
 
Overall while the global economy continues its slow steady growth, China which is a key driver for commodity pricing, continues to be very weak in scrap metal consumption.  This weakness along with the uneasiness with the financial debt problems in Greece, brought another problematic week for commodities.

Steel Production

Steel production had a nice little uptick last week and is up for the past few months, but it is still well below last year. 

Oil Rig Count

One of the reasons for this low steel production in the U.S. is that the Oil rig count has now fallen for 27 weeks in a row, and is now at the lowest point in almost 5 years.  Related, imported finished steel remains a problem for U.S. steel mills, thereby hurting their production.  As has been reported, scrap yards have been experiencing multi year lows of incoming scrap coming into their yards, so prices rose a bit two weeks ago, which the chart shows. 

Steel Prices

 Even with this ferrous increase, scrap flows remain very, very weak, as do profits.  Scrap yards that have mainly retail business remain under enormous profit pressure due to this low volume.  If the low growth continues in steel production, we could see another small increase in scrap steel prices due to the poor incoming scrap steel rate.  We know of one steel mill that stayed open this past Saturday in hopes of securing more incoming ferrous metal, due to the incoming scrap was so slow.

Copper Prices

Copper prices touched a three month low this morning and they remain near their 5 year low.  We see no catalyst that will cause an increase in copper prices anytime soon.  As we have discussed, China consumes 50% of the world’s copper and China is clearly not increasing their consumption.  The China slowdown has caused their government to drop interest rates multiple times in recent months to boost their economy and as we go to press, they may have dropped them again today.

Aluminum Prices

Aluminum dropped a bit this week and is close to the 5+ year low it hit about a year ago.  We remain in the belief that aluminum prices are near their bottom due to aluminum inventories are hitting new 5+ year lows. 

Aluminum Inventory

With energy prices down in the past year, aluminum recycling is less of a driver, so again, there is little reason to believe aluminum prices will be coming up soon.

 

Congratulations to our David Gibb for being named one of the CFOs of the year in the Raleigh area.  Well done in a very tough market and well done in teaming with Fifth Third Bank in supporting our operations in these tough markets.  And more congratulations to Upstate Shredding and Columbus Recycling as they were both named Scrap companies of the year in their category by AMM.

 
Prices for Aluminum and copper were unchanged last week in Raleigh, Goldsboro and Wilson.
 
Steel and Junk cars we up.  Please call us at 919-828-5426 in Raleigh, 919-731-5600 in Goldsboro and 252-243-3586 in Wilson for prices. 
 
With that we hope all have a Safe and Profitable week.   Tune in next week for the Commodity and Recycling report.

Metal Commodities and Recycling Report, Goldsboro Metal Recycling, 801 N John St, Goldsboro, NC, 27530, 919-731-5600

GOLDSBORO METAL RECYCLING
WE BUY JUNK CARS FOR MORE CASH
801 N. JOHN ST.
GOLDSBORO, NC 27530

This is the Commodities and Recycling Report, brought to you by BENLEE the industry leader in Roll Off Trailers and Open Top Scrap Trailers, as well as Raleigh and Goldsboro Metal Recycling, the leaders in North Carolina for Scrap Metal, Cardboard, Electronics and Junk Cars. 

 

Today is Tuesday, May 26th, 2015.  My name is Greg Brown, President and CEO of the companies.

 

The overall economy, continues its slow growth around the world, which while too slow for some, the growth is there.  Wall Street continued to hit new highs this week and even the Chinese Stock market is up over 90% this year.

 

Steel Production - Goldsboro Metal Recycling

 

 

While ferrous production remains low it picked up a bit last week and is near a multi-month high.  While still low, it is better than it has been.

 

Steel Prices - 801 N. John St, Goldsboro, NC, 27530

 

 

Ferrous prices remained steady this week in the U.S., but price pressure has been building for overseas shipments.  Many believe there will be a $20 or more per GT price increase in June, but as we have seen before this could change.  A key is that even as warm weather has swept across the country; flows of obsolete material into scrap yards remains very weak. 

 

US Oil Rig Count - (919) 731-5600

 

The oil rig count remains a major drag on steel consumption, but after falling for months, week after week, the rig count only fell by one last week.  Low oil prices have caused this dramatic drop, but as we have all seen, with oil prices having risen in recent months, the number of rigs in the U.S. is stabilizing.

 

Copper Prices - Goldsboro Metal Copper Prices

 

Copper had a very bad week.  It started the week at about 2.93 per pound on COMEX and as we go to press, we are at $2.81 per pound, down about 12 cents for the week.

 

Aluminum Prices - Goldsboro Scrap Metal Prices

 

Aluminum has continued its dramatic fall in recent weeks.  It remains not clear as to what is happening, but the only thing we know is that prices continue to fall. Chinese imports and warehouses full of material remain reasons for the drop.

 

Another major publically traded scrap company released poor earnings this week.  With ferrous prices stabilizing and coming back a bit, that has been very positive, but Copper and Aluminum have been down, which is a major negative going forward.

 

Housing Starts - North Carolina Scrap Metal Recycling

 

On a very positive note, housing starts hit a multi year high in April.  Housing creates significant jobs and boosts many aspects of the economy, so it is a very positive sign.

 

Prices for Aluminum have come down in Raleigh and Goldsboro this week.

Steel and Junk cars remained steady. Please call us at 919-828-5426 in Raleigh and 919-731-5600 in Goldsboro for prices. 

 

With that we hope all have a safe and profitable week.   Tune in next week for the Commodity and Recycling Report.

Metal Commodities and Recycling Report, Goldsboro Metal Recycling, 801 N John St, Goldsboro, NC, 27530, 919-731-5600

GOLDSBORO METAL RECYCLING

METAL COMMODITIES AND RECYCLING REPORT

MAY 11TH, 2015

801 N JOHN ST

GOLDSBORO, NC, 27530 

919-731-5600

This is the Commodities and Recycling report, brought to you by BENLEE the industry leader in roll off trailers and open top scrap trailers, as well as Raleigh and Goldsboro Metal Recycling, the leaders in North Carolina for Scrap Metal, Cardboard, Electronics and Junk Cars. 

Today is Monday, May11 th, 2015.  My name is Greg Brown, President and CEO of the companies.

Due to scheduling issues, there will not be a full video report this week and a shorter than normal text follows.  We will have a full report next week.

In the big picture the data shows that while things remain severely depressed for the recycling and commodities markets, we have seen the worst of it and things are slightly better.

Steel Prices - Goldsboro Scrap Metal Recycling

Last week was Ferrous selling week.  The good news is that prices were not down.  The bad news is, that they were up only slightly in some areas.  There have been more announcements of price increase by steel mills in the past week.  This could be followed by upward pressure in scrap prices.

The continued low ferrous prices mean volumes in scrap yards are somewhat better than they were 6+ weeks ago, but they remain severely depressed causing reduced flows of obsolete scrap.  Watch for more scrap yard closings, unless things change.

Steel Production - 801 N. John St., Goldsboro, NC, 27530

  

Steel production has stabilized, but was actually down a bit last week and is at a much lower level than last year.  There is no help from one of the larger users of steel; the oil industry.  The rig count fell yet again last week and is now at 668 rigs, almost 1,000 less than a recent year high of 1,609 in October 2014.  This is having the effect that the OPEC wanted in that oil has now risen 8 weeks in a row.  As U.S. slows production, prices are rising.  The Obama administration is making few friends with the Middle East in that the U.S. is becoming the new OPEC.  Our enormous production is now effecting global prices and keeping oil prices in line.  The good news is the U.S. is not stopping and has for the first time is going to allow drilling in the Artic.  More drilling, which is more supply, brings lower prices.

Copper Prices - (919) 731-5600

Copper, which is also known as Dr. Metal; the price of copper is an indicator of the health of the economy, is now at a 5 month high.  A very positive sign.  Of course at $2.93 on COMEX, it is much lower than the April 2011 high of $4.66, but it sure is better than $2.39 of some months ago.

The positive jobs report last week that drove the U.S. stock market to new highs is part of this positive news.  Last week there was also more good news in Europe about their economy and the Chinese have cut interest rates to boost their economy.  Silver linings in many places.

Aluminum Prices - www.goldsboroscrapmetalrecycling.com

Aluminum, came down a bit, but is still near a multi month high and is higher than it was a year ago.

Copper prices were up last week in our North Carolina operations.  Please call us at 919-828-5426 in Raleigh and 919-731-5600 in Goldsboro for prices.  Prepared Steel is still being purchased for $6.25 per hundred pounds.

With that we hope all have a Safe and Profitable week.   Tune in next week for the Commodity and Recycling report.