Summer Price Update
Summer has been a mixed bag so far when it comes to scrap metal pricing. When it comes to steel prices the market has surprisingly shown a bit of strength. We have raised our sheet iron price $15/ton to $100/ton the last few months, and may be raising it again 5 or 10 dollars in July. While these are not huge increases, it is a good sign that the price reversed from it’s downward trend through the spring and winter. There is no guarantee that this strength is here to stay however, and we would not recommend holding on to steel waiting for a bigger uptick.
On the nonferrous side however, prices have been dropping fast. Aluminum, Copper, and Stainless have all seen huge drops over the last several weeks. Aluminum prices in particular are down about 30% across all grades. It is very possible these prices are not done dropping, the markets are showing no sign of strength. Perhaps as the as the flow of scrap slows down once cold weather hits this trend will reverse, but we do not see prices going up very much through the summer and into the fall.