July Price Update
Another month has gone by and the news is not getting any better. The only positive we have to report this month is that steel prices will stay flat at least through July. We are currently paying $100/ton for sheet iron on our scale, and we do not see the price being any higher for the rest of 2015, in fact it will likely begin dropping in August. Major economic slowdowns in Asia and a possible UAW strike appear to be the major forces driving prices down, but in general there is no positive news to report from anywhere in the global economy. Keep selling steel as you get it, the prices are not going to be better than they are now for some time.
Nonferrous prices have continued to drop steadily and the future does not look any better than steel prices do for the very same reasons. Prices on Aluminum, Copper, Brass and Stainless have taken huge hits and they have not hit bottom yet. We know prices are not great for these materials right now compared to the last several years, but they will likely continue to drop. Barring any major changes in the global economy, the rest of the year appears to be a rough stretch for the scrap business.