With one week left to go in October, we have a good idea of what to expect from steel prices in the month of November. It is looking like sheet iron will drop anywhere from $20 to $50 a ton, and It will probably stay at those levels for the rest of 2011. Slow demand has led to the price decrease, and has outweighed the price gains that we have seen over the last year due to low supply.
On the bright side, it looks like non-ferrous prices have stabilized and will hold these levels or rise in the future. Copper, brass, aluminum, and stainless steel all still have relatively high values and should hold up over the next few months.
What prices will do after New Year’s is anybody’s guess. Most think demand will return to the market and prices will shoot right back up. Others fear a worldwide economic slowdown will continue to hurt metal prices as industrial production slows. Either way, those who have been recycling scrap metal for years know that the current prices are nothing to complain about, and there is still good money to be made.