As a measure against cheaper imports, President Trump’s solemn promise to protect steel manufacturers in the country has the industry excited and hopeful for a bright decade ahead. The investment in infrastructure is said to be near $1 trillion. No wonder the stock prices for some scrap metal have climbed the charts of late!
American scrap metal export activities
The global demand for scrap metal is great for the American economy. U.S. scrap exports create over $28 billion in total economic activity. So if you are a recycler, you have a greater opportunity for international markets while playing a vital role in the economy by producing jobs. This year is not even halfway through and scrap metal export activity in the country has already created over 534,000 jobs! These jobs and the $3 billion in taxes collected made an overall economic impact of close to $117 billion.
China’s Steel at Discount Prices
Steel manufacturers in America have their woes against Chinese steel and for good reason. China produces steel regardless of the demand. The oversupply of steel is then sold at discount prices on the world market. Last year saw many penalties slapped on illegal dumping of subsidized steel from China. This further reduced the import inventories this year.
Scrap Gold prices highest in 3 weeks since April 2017
While the gold futures market saw a dip in prices, this had a ricochet effect on the gold scrap metal prices. And yes, it climbed eight out the nine sessions. The Scrap Register Price Index recorded these rises.
- $457.907 an ounce for 9k
- $714.334 an ounce for 14k
- $915.813 an ounce for 18k
- $1118.513 an ounce for 22k
- $433.123 an ounce for 9k
- $675.672 an ounce for 14k
- $866.246 an ounce for 18k
- $1057.975 an ounce for 22k
Non-Ferrous Scrap Market Update
The upsurge in the gold scrap metal prices may have given you hope to turn to what you have and see what you can scrap. If you don’t have gold, that’s ok because the activity in the non-ferrous market is not bad at all. In fact, prices have been stable – not swinging high on either side of the pendulum. Stability is good. So get cracking on non-ferrous scrap like aluminum and get those to your nearest scrap metal dealer before the market prices show any sign of instability in the direction that you hate.
Non-ferrous numbers reported in May 2017:
- Ogden, Utah: Bare Bright, $2.03 per lb. (5/17)
- St. Joseph, Missouri: Aluminum Cans, $0.45 per lb (5/17)
- Longview, Washington: 304 SS, $0.35 per lb (5/17)
- Sumiton, Alabama: Aluminum Scrap, $0.27 per lb (5/16)
- Rockaway, New Jersey: #1 Tubing, $2.00 per lb (5/16)
- Chesapeake, Virginia: 17-4 Turnings, $0.07 per lb (5/15)
- Dubuque, Iowa: Aluminum Rims, $0.65 per lb (5/15)
- Rochester, New York: Insulated Aluminum Wire, $0.08 per lb (5/15)
- Glen Falls, New York: #2 Tubing, $1.80 per lb (5/14)
- Mansfield, Ohio: Copper Wire, $0.50 per lb (5/15)
Ferrous Scrap Market Update
With steel prices also stable, this summer is a great time to gear up to sell your scrap metal and get your home and business properties clutter free. Since nickel prices have gone down in the past sessions, chances are the steel prices will also go down soon.
Iron and Steel numbers reported in May 2017:
- Indiana: Scrap Automobiles, $150 per ton (5/17)
- Rochester, New York: Light Iron, $146 per ton (5/16)
- Erie, Pennsylvania: Cast Iron, $120 per ton (5/16)
- Rochester, New York: Light Iron, $155 per ton (5/15)
- Mansfield, Ohio: $100 per ton Unprepared Steel, (5/14)
If you are looking for more insights and industry updates, our blog and news articles are a great resource. We talk about everything related to scrap metal, the industry laws, tools, and equipment, and handy information about recycling you can use and appreciate. The primary goal is to make sure you are informed about how certain economic and political conditions affect scrap metal prices. Check back regularly for updates and insights into recycling scrap metal in South Florida.