any insight on falling scrap prices?

[honda300EXtreme]

scrap prices are currently in the crapper.
here copper is now 1.50 a pound for #1 prices over the summer they were 3.50 per pound.

steel is at 8 per 100 and falling,

i was wondering if any of you guys have any insight on this issue,

and does any body see the prices going back up any time soon

i miss the day of 17 per 100 for steel,

and i got a couple tons in the back yard that will continue to sit untill prices go back up,

just wanted to hear what some of you guys had to say about this issue

[powermadd400ex]

dang i was about to take alot of copper over to the scrapyard to get a some cash later this week :ermm:

[smr]

they problem is china. All the scrap we were selling over the last couple of years was either going to detroit or china. Now that things have slowed downed they don't need the medal.

Don't look for it to go up much for at least 2 years.

I've been hauling scrap for 20 years and when it went over $200 a ton I knew it couldn't last long.

[Quad18star]

Right now there is too much metal on the world market , that's why the prices are down ..... too much supply , not enough demand. The mining sector is taking a real hit from this and it is forcing lay-offs and mine closures . Too much stock pile of iron ore on the market has driven the prices down..... so now the big mining companies are cutting back production in order to lower the world supply , which will help bring the prices back up.

It's gunna take at least 2 years before this all gets back on track with normal prices.

[250rAL]

Ah, time to get the welder out and build something again.

[<DRS>GPF]

aluminum cans are down to $0.30 per lb..(probably even less now)

they were at $0.60 during their peak this year..


the $$ i got for my truck bed full of crushed cans inpired my cousin and he collects at least one 40gallon bag of crushed cans per week..(around 30lbs per bag id guess..)

we're just going to wait til next summer. itll definitely go up as consumer consumption returns.

[bwamos]

I work for a steel building manufacturer.

We are about to drop a 10% price decrease across the board because the steel prices have dropped. We are planning on future steel price drops well into the summer.

As a note.. steel even though down is well above where it was 4 years ago. It's still well over double per ton what it was in 2004.

Based on seasonal trends, I really dont see scrap prices (for steel anyway) going back up until Q2 2010.