Unfortunately, our monthly scrap metal price update features some bad news again. We are expecting sheet iron prices to drop between 20 and 30 dollars for the month of July. The main cause of the drop in metal prices seems to be a global economic slowdown, with demand for materials dropping in both Europe and Asia. While it seemed a month ago that the current market conditions would not last for more than a month or two, there is now concern that prices could stay at these levels into the fall.
Non-Ferrous prices have also dropped through the month of June. Aluminum grades have dropped between 5 and 10 cents over the last few weeks, while copper is down between 10 and 20 cents. There is uncertainty in the non-ferrous markets as well, and there could still be more price drops throughout the summer.
While low prices definitely make it harder for everyday scrappers, there could be some benefits. As prices drop, a lot of “fair weather” scrappers stop scrapping because it is harder to put together a worthwhile load. This should make it easier for serious scrappers to find metal to bring to the scrapyard.
We would also like to let everybody know that for Independence Day we will only be closing for the actual holiday on Wednesday, July 4th. We will be open for our normal hours on Tuesday, July 3rd and will reopen for our normal hours on Thursday, July 5th.