The weather is slowly warming up and we are getting busier and busier at Sikora Metals every week, but unfortunately there is some bad news about Scrap Metal pricing over the next few months.
As of today we have dropped our Sheet Iron price $20 to $240/ton, and we expect steel prices to drop even farther in May. While springtime is usually a down time for scrap prices, this year it is compounded by a few factors including a Covid surge in Asia causing economic shutdown, a chip shortage causing automakers to produce fewer vehicles, rising interest rates, and a shrinking export market due to war in Europe. With as high as prices have been so far this year, a pullback was expected but we would not be surprised if we have to drop our scale price below $200/ton next month.
Nonferrous metals have taken a beating on the markets as well the past few weeks, and while we have not had to drop our prices on items like Aluminum and Copper yet, anybody who has been tracking the markets knows it is coming. We do not recommend holding any material for the next few months, it is safe to assume the price you could sell for now is higher than it will be next week for the foreseeable future.
As always we will do our best to keep you informed of price changes here on our blog, Facebook and Instagram.