Scrap metal prices have been very strong to start the year, preforming much better than they usually do in the winter months. After gains in December and January, we gave a little bit back in February but our current price for Sheet Iron of $120/ton is about all we could hope for. Mills are having trouble securing enough scrap so steel prices should at the very least be able to hold this level through the spring.
On the nonferrous side, prices have been steadily rising on our scales. Aluminum, Copper, Brass and Stainless are all as high as they have been in some time. Copper and Insulated Wire especially have been strong, with our prices shooting all the way up to $1.75/lb for #2 Copper. Aluminum has been strong as well, with siding and extrusion both easily moving above $0.50/lb.
Since prices usually tend to drop in the Winter months we are unclear as to what spring and summer will bring. It is hard to imagine there will still be strong gains in the warm months after these unexpected rises, but we wouldn’t rule it out. Either way, now is a great time to be scrapping with the current prices.