The scrap metal markets are showing weakness as we head into the summer months, and there is no sign of a rebound anytime soon. As economies are slowing down in Europe and Asia, global demand for scrap metal has declined. With overseas economies looking like they will take some time to bounce back, scrap metal prices will probably continue to drop throughout the summer.
When we return from memorial day weekend we are going to drop our sheet iron price between 20 and 30 dollars. We also may have to drop the price again in the first few weeks of June if the current trend continues. While $200 dollars a ton for steel is still a relatively high price for people who have been scrapping for years, we know it is not what many of our customers have gotten used to over the past few years.
Non-Ferrous prices also appear to be headed down, although we may be able to drop those prices more gradually. Copper, brass, aluminum, and stainless are all showing weakness, but our ability to track the markets has enabled us to lock in some quality prices and continue paying our customers well. However, every few weeks you will see minor price drops on our non-ferrous scale. You can easily track our current prices by visiting our page on the Iscrap App, which we update constantly as prices change.
Hopefully this news does not put a damper on anybody’s holiday weekend. Please remember that we will be closed Saturday, May 26th through Monday, May 28th and will reopen for our normal hours on Tuesday, May 29th.