The month of November begins the same as the last few months have with some good news, some bad news, and some uncertainty. Much of the uncertainty still stems from a lack of confidence in the global economy combined with the Presidential Elections. Hurricane Sandy could also have an effect on scrap prices, first with all the scrap recovered from the devastation driving prices down, and second by increasing demand when rebuilding begins which should drive prices back up.
Ferrous prices should see a small uptick. We have not raised any of our prices yet, but we expect to be able to raise our sheet iron price $10-$20 within a week. Typically we would expect this price to hold for much of the winter as the flow of scrap into yards slows down during the snowy months, but all the scrap generated on the east coast by Hurricane Sandy could drive prices back down over the winter.
We have much less confidence in non ferrous prices for November. We were able to keep our prices relatively flat through October while the market was dropping, but expect to see some of those declines reflected in our scale prices this month. Both aluminum and stainless dropped significantly over the last few weeks and the scrap generated from Hurricane Sandy might delay a reversal of that trend.
One thing is for certain, the holidays are almost here again. Follow our blog and Facebook to stay updated on our holiday hours as well as the schedule for our annual Thanksgiving cookout. Our up to date price list is always available to you on the iScrap App.