March Price Update

As we told you last month, the forecast for ferrous prices does not look good for the month of March. We expect prices on all steel grades to drop at least $20/ton sometime next week. We highly recommend selling all of your steel before the price drops, it does not look like this trend will reverse until the end of spring.

Non Ferrous prices look a bit more stable for next month. Copper, Aluminum and Stainless all seem to have settled into prices they will hold for some time. These prices will be something to keep an eye on once summer begins and scrapyards get busy again. As non ferrous metals begin flowing into the scrapyards when it warms up, this may cause prices to drop.

February Price Update

Unfortunately, we have some bad news to report regarding scrap metal prices for the next few months. Economic slowdowns in Russia and China have caused demand for scrap metal to drop worldwide. Our Sheet Iron price has already dropped this month to $215 per ton, and is likely to drop another $50 through the month of April. We recommend selling steel as you get it until the spring, since prices may not be headed back up until the summer.

The outlook on non-ferrous prices is very similar. Copper, Aluminum, and Nickle have all seen significant price drops on the market the past few weeks. Fortunately, there is still demand for these commodities in the midwest so prices locally have no dropped yet, but it is very likely they will soon. We recommend selling any non-ferrous material you have been stockpiling over the next few weeks. By the end of February, all of these prices will be lower on our scales.

We will keep you updated through this downturn via our blog and facebook page. Hopefully spring brings a change in scrap metal prices along with the change in weather.

December Price Update

We have some mixed news to report this month regarding scrap metal prices. On the steel side, it appears prices will be going up both in December and January. We expect to raise our price at least $10 this month, and probably another $10 in January. We expect prices to come back down to the levels they are at now in February. Prices may stay up after the next two months though if bad winter weather causes a slow flow of scrap to the mills.

The news on Non-Ferrous prices is more negative. Both Aluminum and Stainless look like they will be dropping in value over the next few months. We would recommend selling these materials now if you have any piled up. We have not begun dropping these prices yet, but we will be forced to throughout the month.

Stay tuned to our blog and facebook page for price updates, and also our December holiday hours will be announced sometime next week.

November Price Update

The holidays are coming up quick and the month of November has brought some good cheer. Ferrous prices have started this month on the rise. We have raised our sheet iron price to $200 per ton, which is a $20 increase from last month’s price. While this price should hold up for the rest of the month, we highly doubt it will go any higher in the near future, and recommend selling ferrous material this month.

Non Ferrous prices have stayed mostly flat this month. Prices on aluminum, copper, brass, and stainless have been mostly unchanged. There is a lot of uncertainty in the non ferrous markets, and it is anybody’s guess which way these commodity’s prices will move next. While prices are not the highest they have ever been, they are still relatively good and we would not recommend holding on to non ferrous metals waiting for prices to go up, or you could get burned.

Thanksgiving is just a few weeks away. Stay tuned to our blog and facebook to stay informed of our annual customer appreciation cookout and holiday hours. Stay warm and scrap on!

July Price Update

Price changes have been a little slow to develop this month with a lot of mills and foundries closed for July 4th, but we have enough information to gauge what will happen with scrap prices for the upcoming month.

Ferrous prices are looking up for this month. We have already raised our sheet iron price $15 to $195 per ton, and there is a very good possibility prices will jump again before the month is over. This price increase was unexpected, and that usually means it will not last for too long so we recommend selling your ferrous material while prices are up.

Non Ferrous prices have not been on a positive trend lately. Prices for scrap Aluminum, Copper, and Stainless have all dropped over the past few weeks. The range on aluminum prices is currently 40-55 cents per pound, #2 Copper is $2.20/lb, #1 Copper is $2.30/lb and clean Stainless Steel is 40 cents per pound. While prices are down from where they had been the past few months, there is still good value in scrapping non ferrous metals.

 

June Price Update

There is not much to report as far as scrap metal prices go for this month. The scrap steel market has shown some weakness, but we are keeping our steel price flat at $180/ton this month. It looks like steel may stay at these levels for most of the summer, but we will keep you posted.

Non Ferrous Prices are also mostly unchanged from last month. Aluminum, Copper, Stainless, and other non-ferrous metals have held fairly steady the last few months. There is not a lot of news to report on what will happen with these prices in the future, but it appears there is not much room for them to go up in the near future.

As always, our real time price list is available to you on the iScrap App, and we will be updating our facebook as prices change.

March Price Update

The increase in steel prices is about a month later than we expected, but we are glad it is here. The slow flow of scrap into yards through the winter has finally affected the market enough to raise prices. To start the month our sheet iron price is up $25 per ton to $215/ton. We expect the price to stay there all month, and will have a better of idea of what to expect for April in a few weeks.

The news on Non Ferrous prices is not as positive as the news on Ferrous scrap, but prices are still at fairly high levels. Aluminum and Copper have both dropped a bit the last few weeks, which could lead to price drops at yards later this month. As of right now, our Non-Ferrous prices have not changed this month.

On another note, we would like to remind our customers that City of Detroit Junk Licenses expire this month. Even though one is not required to sell metal, there is a risk of being pulled over on the way to the yard if you have a load of junk without a license. Check out our blog posting to help you prepare for the process of applying for one.

February Price Update

This is our first update since the before the holidays. The last few months have been a bit confusing for those of us who track the steel markets. In the end, slowing demand outweighed a slow flow of material into scrapyards and mills and we have dropped our sheet iron price $15 to $175. We don’t see prices dropping any further next month, but this month was looking promising until recently so we wouldn’t suggest stockpiling steel.

Ferrous prices on the other hand have shown some strength. Prices on aluminum, copper, brass and stainless steel all have started 2013 off with raises. There might not be a lot of room for prices to increase, but they should stay around these levels until the summertime.

December Price Update

As we head into the last month of 2012, scrap metal prices appear to have found some stability after a fairly volatile summer and fall. We do not expect there to be any major changes in our steel price for the month of December, and it looks like prices may start to increase in early 2013.

There are signs of strength in the non-ferrous markets as well. There is a good chance prices on aluminum, copper, and brass will be raised over the next few weeks. We also think this trend could continue through the first few months of next year. We will keep you updated on changes to our prices on our Facebook page, and our price list is always available on the iScrap App.

Stay tuned to our blog over the next few weeks as well to stay informed of our hours for Christmas and New Year’s.

November Price Update

SThe month of November begins the same as the last few months have with some good news, some bad news, and some uncertainty. Much of the uncertainty still stems from a lack of confidence in the global economy combined with the Presidential Elections. Hurricane Sandy could also have an effect on scrap prices, first with all the scrap recovered from the devastation driving prices down, and second by increasing demand when rebuilding begins which should drive prices back up.

Ferrous prices should see a small uptick. We have not raised any of our prices yet, but we expect to be able to raise our sheet iron price $10-$20 within a week. Typically we would expect this price to hold for much of the winter as the flow of scrap into yards slows down during the snowy months, but all the scrap generated on the east coast by Hurricane Sandy could drive prices back down over the winter.

We have much less confidence in non ferrous prices for November. We were able to keep our prices relatively flat through October while the market was dropping, but expect to see some of those declines reflected in our scale prices this month. Both aluminum and stainless dropped significantly over the last few weeks and the scrap generated from Hurricane Sandy might delay a reversal of that trend.

One thing is for certain, the holidays are almost here again. Follow our blog and Facebook to stay updated on our holiday hours as well as the schedule for our annual Thanksgiving cookout. Our up to date price list is always available to you on the iScrap App.