Big start to the week in metals! The screenshot below is proof copper hit over $4.00 overnight and we are hoping it holds and moves forward! As you can see these are levels that have not been hit since mid-June 2022. The interesting note is that this is not strictly a currency move. While the Yuan-US Dollar conversion rate is now well under the 7 benchmark, this level has been hit more recently, though the number falling below 6.8 Yuan to the dollar indicates a strength level that typically supports higher pricing. The reason the copper price did not follow the yuan strength in November is the country was locked down. Now with the open, no matter the varying success it seems like momentum is pushing copper prices higher. Sahd Metal Recycling has increased the price for bare brite copper, #1 copper, #2 copper, sheet copper, brass, aluminum copper radiators and almost every copper based category conceivable!
Steel also looks poised for a big January! Some of our buyers are out with strong increases and while nothing is official we look forward to passing along our price increases to our customers. Get all those new year cleaning projects underway and bring in your lite iron, unprepared steel, prepared steel and all the grades of metal as the prices are moving up. January is historically a good steel market and we are hoping this gives us a positive sign for 2023 steel prices. Our industrial customer pricing formulas will be updated as soon as the market becomes official and our trucks will be rolling out with our 24 hour service guarantee and the new pricing very shortly!
Stay tuned for more updates and as always check our prices out online at https://recycleyourmetal.com/scrap-metal-prices/