This misery continues… scrap metal continues to fall. We’ve had a lot of customers call us thinking we were crazy when we offered only $50 for their junk car instead of the $200 they got last year. Eventually they call back conceding the market did in fact drop.
In just about 18 months, scrap metal pricing on recycled cars has declined from a high of 18 cents down to 4 cents. The problems are being driven by economic issues with the Chinese economy. Also contributing to the problem are financial problems with Japan and India.
The United States has been one of the largest suppliers of steel in recent years and due to the economic instability, construction is down and virtually nil in those countries. In fact, steel production in the States has come to a crawl as there is a huge surplus.
Short term forecasts predict that it may continue to fall and owners may have to pay to have their vehicles removed. Two things can impact a major swing in pricing… upcoming elections in 2016 and a war which nobody really wants.
If we can be of any assistance and need cash for cars, feel free to call us at (888) 589-1747