Let’s go over prices from the last week. Today is Thursday, May 26th, 2016 and let’s see what’s been going on in the scrap metal market. Well, we’ve seen steel and iron prices drop five to ten dollars a ton. Unfortunately, we see that drop but think positively and hopefully, this year steel and iron prices have gone up over $100 a ton. That’s a positive number. With the oil prices increasing, while it might cost you a couple more dollars to fill up your car, you will see a couple more dollars coming soon in those steel markets.
In the last week, we saw the copper prices drop five to ten cents just like that. In the last day or so, May 25th and early this morning on the 26th, we’ve seen the copper prices rebound. About five cents so hopefully you’ll see that jump just in time for Memorial Day so you can cash in, get your materials to barbecue and make sure you have a nice safe day. Aluminum prices dropped a couple of cents, two to three cents a pound. You should see that pretty much immediately in your scrap yards as the prices of aluminum. There’s not too much of a buffer on those, and the scrap yards will have to lower those.
In other news, gold prices have dipped about $50 an ounce from their highs in the last few weeks. Still trading at $1,230 an ounce range, really relatively healthy. What’s going to go on in summer of 2016 we’re not sure. While we’ve seen a lot of positive news coming out, with oil prices increasing. Some of the prices on scrap commodities decreasing it’s a little all over the map but make sure you stay tuned, make sure you check reported prices and make sure to contact us report rates that you’ve been getting for your scrap metal.