To say the New Year has started with a bang in metals would be an understatement! Across the board prices of scrap metal have increased steadily and consistently since we rang in 2023!
Copper is up markedly over the last month and in particular is on a 5 day hot streak! On January 4th, copper was sitting at $3.74 per pound and today, one week later it is right around $4.15! The news of China pushing forward on the reopening despite difficulties and the strengthening yuan are contributing to this increase.
Aluminum has responded in kind the past few days. Though not as dramatic, the aluminum LME is right around $1.13 with the Midwest premium increasing at the same time. This bodes well for aluminum prices which have been very stable throughout the back half of 2022.
Steel prices have also contributed to the good news for scrappers and scrap dealers alike! HMS #1 steel is up $30 per ton and busheling rose $60 per ton in January. Flows have been consistent but not crazy in this category and the warmer than typical winter and higher prices combined with lower gas prices may encourage scrappers to come out, collect and get paid for their metal!
Check in with our prices, always available and always updated at https://recycleyourmetal.com/scrap-metal-prices/. We offer transparent formula pricing for Industrial and commercial customers as well, with a loyalty program for scrappers to get bonus pricing for their metal.
Stay tuned to this blog, we will keep you updated on all things metal!