Nobody likes to be right about things that aren’t exciting to talk Scrap Trading Company, but that’s what’s going on in the markets right now. We are seeing a market correction in the steel and copper spectrum as many prices have dropped. Many of these problems stem from the price of oil and the many quarantines in China that have disrupted different flows.
On top of that, you still have large areas of uncertainty in the commodity markets as different suppliers continue to experience disruptions in both shipping and product supply chains. These are issues that will impact people on larger scales and come down to consumers, but as scrap dealers, most metal prices will catch up with it before consumers feel any additional relief. We’ll talk about that later.
Non Ferrous Prices
With copper prices dropping by around $0.35 over the past few days, we are frankly happy that prices haven’t dropped further. We see the markets in the correction zone as the market prices fell due to various problems. Markets have dropped because the Chinese have quarantined many parts of their country due to Covid and many fuel consumption has dropped. For information about metal scrap yard near me, contact us about daily changing scrap prices!
On top of that, many people are watching some of these interest rates, which are scheduled to rise next month, and these rate hikes will have dramatic problems when it comes to different commodities and different technology stocks. These are still very minor commodity fluctuations in pricing, as a 7-8% correction doesn’t even equal the dips we’ve seen in the stock market for many tech stocks and other big companies. Some companies have had earnings problems and keep going, talking about supply chain issues that will cause more problems.
Last month, we saw steel prices drop by about $100 per ton. These price drops shouldn’t come as a surprise, as we’ve been talking about inflating these prices for the past few weeks. As we saw in February and early March, the rapid rise in prices often causes large scrap producers or larger processors to dump thousands of tons of material that would otherwise sit on the ground. In addition, we’ve also seen oil and gas prices tumble and spread everywhere.
We’ve seen some major steel processors cut their prices over the past two weeks, and in between one of these declines, we hoped there would be some good news to negate the declines and provide some optimism. This has not happened at the moment and this is where we are in the iron scrap markets today.
Iron Price Chart of the Week
We’ve seen catalytic converter prices drop in the last few days. This should come as no surprise, as uncertainty from Russia, as well as different economic slowdowns and major semiconductor problems, continue to grab the headlines. One of the nice things about doing business with www.RRCats.com is that we give you the ability to get prices and hold them for 10 business days to give you peace of mind and security about prices.
Other Metal Markets: New Age Batteries
In other markets, we’ve seen aluminum remain strong, but overall markets have seen very stable output for different materials when it comes to machining. We’re happy with where the markets are and one of the strongest we’ve seen has been the nickel and stainless steel market, where prices have continued to rise over the past few weeks Scrap Trading Company.