Bullish Sentiment for Copper in 2020
Numerous big name investment banks have come out positive for copper in 2020. According to an article on mining.com, several big name financial institutions are looking for copper to be one of the stronger commodities in 2020. Jefferies is the most bullish but Goldman Sachs, Morgan Stanley, Citi and Bank of America all are positive…
Read MoreHo-Hum November for Scrap Prices
Scrap dealers got a little good news as the negative price trend for scrap prices ended as November brought a $20 per ton increase for most steel prices. This increase came at a much needed time as many in the scrap industry were questioning if and when the bearish sentiment would change. While this small…
Read MoreSame Old, Same old
As we approach November, any hopes for a big change in market sentiment appears to be out of the question. On the global stage, markets are weak and at home, the continued trade war with China does not appear to have any end in sight. Add a glut of scrap inventory and mill shutdowns, the…
Read MoreScrap Metal Market Continues to Show Weakness
With no real catalyst to drive prices higher, the scrap metal market continues it downward spiral with no clear end in sight. Inventories remain high, uncertainty with regard to the US-China trade war remains and global slowness persists. While there appears to be some movement with regard to trade talks between the US and China,…
Read MoreNickel Prices Continue to Rise Adding to Price Movement in Stainless Steel
Nickel prices continue to rise and have reached a 5-year high. With a potential ban on Nickel exports from Indonesia, the world’s top nickel ore producer, nickel prices continue to soar and have reached a significant resistance level, just over $8. With such a meteoric rise in 2019, we can expect a likely pullback…
Read MoreHas the Scrap Metal Market Reached a Bottom?
Prices are poised for an August Increase After several months of negative price movement, it appears as though the scrap metal market may have reached a bottom and we may see a price increase for August. While economic softness appears to be taking place in the United States along with a continued global economic slowdown,…
Read MoreWhy the Price of Nickel Continues to Show Strength
If you take a look at the 1-year Nickel chart, many would wonder what has triggered such an explosive move since January. Nickel is a significant alloy used in the production of stainless steel. Stainless steel however has seen its price drop along with most other alloys, so the question begs, why is nickel having…
Read MoreDetroit Scrap Market Settles Down $30, Sending Shock Waves Throughout the Scrap Industry
What looked like a flat to slightly down Scrap market, panic accelerated fast as order cancellations and global issues continued to weigh on the Scrap Metal Market. Going into the weekend, talk around the mills was that Detroit would be likely down $10 GT but as the week began, negative sentiment began to take hold…
Read MoreGlobal Pressures Continue To Weigh On Scrap Prices
Further uncertainty with global trade along with tough talk from global leaders is weighing on commodity prices and as a result, scrap prices remain weak. June looks to be another soft month for scrap prices, but the hope is that prices will remain flat or drop slightly. Scrap dealers however are looking at June as…
Read MoreMay Scrap Prices Settle Down HUGE
Negative sentiment takes scrap prices to their lowest levels in 2 years. Detroit took the lead once again with scrap settlement pricing by taking prime scrap down $40 per gross ton and cutting shredded scrap by $30 per gross ton. That sharp decline puts prime scrap in Detroit at its lowest level since February of…
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