If you have been following the news and markets lately, you would have seen that the financial crisis in Greece is having a significant affect on the worldwide markets. The bailout plans and other solutions that are being proposed through the European Union and the neighboring countries are not creating a solution that is beneficial. Also China’s economy has seen a great decrease in the last month. This all plays into the dropping scrap prices.
Steel prices have been weak the last few months, but copper is also adding to the list this week with some dramatic falls. Anywhere from $0.10-0.40/lb. can be dropping off your local copper prices in your are. Before heading to your scrap yard, be sure to check the local scrap prices.
What You Need To Know
- Stock markets can have a great affect on the scrap metal prices. Scrap Prices are directly related to the strength of the economy, as well as several specific factors, the stock market is a good indication of what to expect for scrap prices.
- Greece going bankrupt scares everyone else. When other countries see places like Greece going bankrupt, it scares investors and those involved in the economy. Many will look and see how easy it is for a country to go bankrupt and put their people in a crisis.
- China’s economy has dropped 25% in less then a month. China has been seeing their stocks dip over the last few weeks very aggressively, thus also prompting the change in the markets.
What You Can Do
- Sell, sell, sell. If you are worried about what is going to continue to happen to the scrap prices, it may be a good time to quickly sell you materials you have before the prices get worse.
- Stockpile your scrap. If you have the proper storage and security, it may be a good option to stock your scrap up and wait out the market woes.
- Keep track of prices. By using the iScrap App Reported Prices feature you can check the current scrap prices in your area and also post prices you have hear about too.
Stay tuned to the iScrap App’s market updates and information through our YouTube channel.