Scrap metal prices

[PROFarms]

Hi all.

I've just taken a load of scrap down to the local scrap yard and to say why I got for it was bad is an understatement!! It's less than 1/4 what it was at this time last year!! Was getting about $195 a ton for steel last year. Got $35 a ton today.

What prices are others around the world/country getting for their scrap prices? I am just curious to know what price variations there are.

Any ideas why price has dropped so much? Is it the Chinese economy that has made it drop so much?

 

[RandyT]

Just checked my local scrap yard website for prices, and they are showing $35/ton misc steel.

 

[Jstpssng]

I've been told that it follows the price of fuel. I haven't heard any prices in the past year, back then I believe that #1 was around $110.

 

[LD1]

Wow, thats horrible.

Last I checked was 3 or 4 weeks ago and it was at $100/ton, so I decided not to scrap what I had at the time. My guy I sell to tells me its cause china is broke and they are the ones that buy everything.

Not just steel either, the non-ferrous stuff is down as well. A few years ago we were getting 280-300 for steel, .70/lb aluminum, $2/lb brass, and $3+ for #1 cu. Those had dropped to .35/aluminum, .90/brass and 1.60cu when i called.

Wonder why the price of new steel is still as high as it was when scrap was $300/ton? Dont make any sense

 

[Kyle_in_Tex]

Wow, thats horrible.

Last I checked was 3 or 4 weeks ago and it was at $100/ton, so I decided not to scrap what I had at the time. My guy I sell to tells me its cause china is broke and they are the ones that buy everything.

Not just steel either, the non-ferrous stuff is down as well. A few years ago we were getting 280-300 for steel, .70/lb aluminum, $2/lb brass, and $3+ for #1 cu. Those had dropped to .35/aluminum, .90/brass and 1.60cu when i called.

Wonder why the price of new steel is still as high as it was when scrap was $300/ton? Dont make any sense

The costs to mine, refine, and smelt the new steel haven't really changed other than the fuel costs which is just a small component of the overall price. Chinese have stopped buying so much scrap. Their economy is in the tank, partly due to ours is slow and we don't buy as much of their junk metal products right now.

 

[LD1]

The costs to mine, refine, and smelt the new steel haven't really changed other than the fuel costs which is just a small component of the overall price.

4 or 5 years ago when scrap really started climbing, that was the blame for new steel costing so much. Now scrap is down, but new hasnt budged.

Kinda like gas prices for the longest time.

 

[dmccarty]

Hi all.

I've just taken a load of scrap down to the local scrap yard and to say why I got for it was bad is an understatement!! It's less than 1/4 what it was at this time last year!! Was getting about $195 a ton for steel last year. Got $35 a ton today.

What prices are others around the world/country getting for their scrap prices? I am just curious to know what price variations there are.

Any ideas why price has dropped so much? Is it the Chinese economy that has made it drop so much?

The Chinese economy is partly causing the drop in steel prices but in general there is an oversupply of metals due to overproduction and lack of demand due to the general weakness in the global economy. China is not using as much metal yet it keeps producing metal. The "Federal" government in Bejing wants to cut production both for the oversupply of metal, as well as air pollution, but the local governments want the factories to be open otherwise they will have thousands of people out of work. Some smelters have shutdown causing severe hits on the local economy. Danged if you do and danged if you don't.

Alcoa just reported lower profits because of the low price for aluminum.

Tis a good time to be buying metals but not selling.

Later,
Dan

 

[LD1]

Just called. $90/ton here this morning

 

[Kyle_in_Tex]

4 or 5 years ago when scrap really started climbing, that was the blame for new steel costing so much. Now scrap is down, but new hasnt budged.

Kinda like gas prices for the longest time.

steel got pricey back in '04 especially stainless.

 

[PROFarms]

Mate of mine here in the UK called in this morning. He said he was only given $8 for 0.6tons of steel