Scrap Metal Raleigh, NC Prices per Pound, Copper, Aluminum and more, 919-828-5426
Raleigh NC Scrap Metal Recycling
Scrap Metal Pricing Per pound
2310 Garner Road
Raleigh, NC, 27610
The commodity markets remain very unstable. Note the below major steel (heavy melt) price drop in February that at the time no one had forecast. When the below heavy melt/steel graph is updated in a day to two (the below heavy melt graph is week old), it will show an approx. $20/GT drop and we are hearing there could be another $25+ drop next month.
As for copper (see below), about two weeks ago, we had a period of a couple of weeks of stable to slight increase in prices. Then days after the U.S. reported:
-the best car sales in about 10 years in June,
-the best depending home sales in June in 9 years
-Lowest unemployment rate in 9 years for June
-The oil rig count went up for the first time the previous week, after 29 weeks of declines (oil rigs use a lot of steel)
….after all the above good news, China’s stock market was coming unglued (dropped 36% in 29 days) and the Greek issue became ugly, so copper hit new approx. 6+ year low, again, days after all the U.S. great news.
As said, prices in the steel (heavy melt) graph below will show lower data in a day or so and could go down next month. If things remain stable in the U.S. and globally, my best forecast would be that prices could be about $10/GT lower near the end of the year then they are today and copper could be $.15+ lower.
I will end with being like a true economist and say, ‘on the other hand’, if China pumps money into their economy and oil prices dive, that will be a key boost to the global economy, and prices could rise, but I am not ‘banking’ on that.