It’s been a volatile summer so far for scrap metal prices. We don’t typically post price updates in the middle of a month, but prices are moving so fast we could probably put one up everyday.
As the month winds down, we are confident that scrap steel has found it’s low point. With the price drop, the amount of steel coming in to scrapyards has dropped significantly, while mills and shredders still need material. The lack of supply has led us to believe ferrous grades will at worst stay flat in August, with the possibility for a $10-$20 increase. We will notify you of our price for the month of August as soon as it is set.
Conversely, non-ferrous prices are still showing weakness. Nickel alloy has been the hit the hardest, causing a significant drop in stainless steel prices. Aluminum and Copper are both on the decline as well due to concerns of a global economic slowdown. With an election on the horizon, it is very possible non-ferrous prices stay volatile for the remainder of the year as the markets react to the constant flow of news we will see through the fall.