Has the Scrap Metal Market Reached a Bottom?

After several months of negative price movement, it appears as though the scrap metal market may have reached a bottom and we may see a price increase for August. While economic softness appears to be taking place in the United States along with a continued global economic slowdown, at least for now, a temporary bump in scrap prices looks likely at this point. Furthermore, while the trade war with China has had an impact on the scrap market and unfortunately does not have a clear end in sight, the rapid fall of scrap prices has possibly gone too far and the market is now destined for relief, albeit a possible temporary one. Several industry comments have indicated an August increase and that should bring a much-needed smile to many in the scrap industry.  Let’s hope that proves true and is the beginning of a stop to the negative price trend.