Words that a scrapper never wants to hear…”scrap prices going down.” But unfortunately, that has been true lately. The steel prices have gone down 20% (In some parts of the country about 25%) and have not looked to be strong any time soon. The market demand overseas has been the largest contributing factor, and until that picks up, it will be tough to see any rise happening soon.
The copper prices have been, well how do we put it….a roller coaster. Dropping about $0.30 cents per lb over a few week period, they have really been bouncing all over. The quickly bounced back $0.10 per lb…only to drop again the next two days.
As of 10/28/14 while posting this, the copper prices have recovered about $0.10, but they could be short lived as jobs reports and other information is coming in that does not look too positive.
The long and the short of it is that the scrap prices have been very shaky lately and will continue to be so for a while. We have to closely monitor the market right now going into the holiday season when many people will cash in in order to pay for bonuses or to take money off of the table before the calendar year is over.