Global Pressures Continue To Weigh On Scrap Prices
Further uncertainty with global trade along with tough talk from global leaders is weighing on commodity prices and as a result, scrap prices remain weak. June looks to be another soft month for scrap prices, but the hope is that prices will remain flat or drop slightly. Scrap dealers however are looking at June as the possible bottom and a possible jump in prices going into July and August. If trade tensions between the US and China do not resolve themselves at the G20 meeting, prices can look for more pressure, especially if there is no relief with the tariffs that have been imposed by both countries. Furthermore, the news from the White House that Mexico will have tariffs placed upon them if the Mexican government does not address the flow of migrants to the US will just add more problems for prices. Stability is needed for the markets to find a bottom and that will only happen if the global leaders can come together and work together. Only time will tell.