As we told you last month, we are in the midst of a major downturn in scrap metal prices. Ferrous prices are dropping significantly this month. Our sheet iron price is down to $150/ton and will remain there for at least the rest of the month. Steel prices have been dropping due to an abundance of scrap and a lack of demand. Many buyers are cutting back how much steel they purchase or exiting the market completely. Expect this trend to continue for the next few months.
Non Ferrous prices are not dropping as severely as ferrous prices, but they are on the decline as well. Aluminum, Copper and Stainless all have gone down over the past few months, and also don’t seem to be showing any signs of rebounding. We would be surprised if these prices dropped much farther, but we definitely would recommend selling them as you get them to be safe because an increase does not seem likely in the near future.
Stay tuned to our blog here and our facebook page for updates on the scrap metal markets as they happen. As always, our current pricelist is available to you on the iScrap App. With prices being down there should be less competition for scrap metal so there is still money to be made, stick with it!