With the year wrapping up we wanted to go over some of the 2014 Scrap Metal Prices for the year end. The copper market has really seen a large swing and it has been crazy to see the market. From a 3.40 comex copper market back in the beginning of the year to 2.79 a few weeks ago, it is crazy to see a 18% drop in the market and signs pointing to more price drops coming.
The ferrous market has been so nuts this year see drops of $70-90 per ton (and even more in some areas of the country), all articles and people that I have talked to say that there are more drops coming in the first quarter of 2015.
As a retail seller it is crazy to see how these swings happen especially because some of the swings (like the large copper price drop for Thanksgiving) happen so quickly that unless you have an order placed it makes it next to impossible to cover some of your spreads.
The 2014 Scrap Prices year end have reminded me of what happened back in 2008 and 2009…but fortunately not as similar to that. I remember when the steel prices were so high that an old beat up car could fetch over $1000 in scrap when nowadays prices can be in the $200-500 per car range.
With the market constantly changing, more and more commodities being driven by Wall Street type of pricing and trading it really makes it hard to guess what is coming in the upcoming year…let alone the upcoming day.
With the markets going all over the place, customers constantly changing their outlook on how or when they want to sell material, it is always a bit of a crapshoot to guess where the 2014 scrap metal prices will end and where they will go in 2015….our best guess is to just stayed tuned.
From articles that we read and analysts that we talk to the prices are going to decline in 2015, but who knows how that will pan out, what events will transpire, or where new markets may pop up.
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