Current Scrap Prices In February 2016
We hope that you have had an excellent week and you are on the road finding and pulling out material to sell to your scrap yards soon! Make sure you continue to check and to post prices on the iScrapApp.com so you can see what other scrappers have been getting for metals and what to expect.
Historic Low Oil Prices Since 1940’s
The markets have been all over the place and as many of you can expect the oil/gas prices have something to do with it. With oil at almost historic lows (if you adjust for inflation these prices mimic some of the prices that we saw back in the 1940’s), it is a great thing to see at the gas tank and in your wallet…but has not treated the metals world as well.
Copper Jumped Up, Fell Off
While it is true that the lower pricing of oil has made it cheaper for the handling and the trucking of scrap metals, it has not made it easier to make money on and we should not expect to see it change anytime soon. Copper prices had a jump up to last week, but with the low oil prices and other economic news like the jobs report coming in not as positive as many would have hoped we have seen copper prices retreat about 10 cents over the last week.
Steel Prices Have Remained Stable
Steel prices have remained mostly unchanged for the 4th consecutive week, and while that is a good thing, we do not know what is going to be going on in the short-term pricing of metals. From what we hear from scrap yard owners and other industry professionals you shouldn’t expect any big increase in pricing anytime soon.
Couple Drops In Brass, Wire, & Other Copper Materials
Brass, Insulated Copper Wire, and other copper related products will take a few penny a pound hit because of the drop in copper pricing, but you may see an increase in the pricing of aluminum. The market for aluminum has increased a few pennies a pound and you should see that as well.
Don’t forget that the iScrap App is so much more then an app, but more of a tool for scrappers to be able to get their scrap metal knowledge, pricing, and connect with other people through the iScrap Metal Forum on questions that they have.