Unfortunately, we have some bad news to report regarding scrap metal prices for the next few months. Economic slowdowns in Russia and China have caused demand for scrap metal to drop worldwide. Our Sheet Iron price has already dropped this month to $215 per ton, and is likely to drop another $50 through the month of April. We recommend selling steel as you get it until the spring, since prices may not be headed back up until the summer.
The outlook on non-ferrous prices is very similar. Copper, Aluminum, and Nickle have all seen significant price drops on the market the past few weeks. Fortunately, there is still demand for these commodities in the midwest so prices locally have no dropped yet, but it is very likely they will soon. We recommend selling any non-ferrous material you have been stockpiling over the next few weeks. By the end of February, all of these prices will be lower on our scales.
We will keep you updated through this downturn via our blog and facebook page. Hopefully spring brings a change in scrap metal prices along with the change in weather.