Metal Prices Are on the Rise – Recycle Your Scrap Today

dollar bills indicating an increase in price for scrap metal with scrap recycling center in your area.

Metal Prices Are on the Rise - Recycle Your Scrap Today

Metal prices throughout the world are on the rise, making scrap metal more valuable. If you’ve been thinking about recycling your scrap with a trusted scrap recycler near you, now’s the perfect time to do so. At Scrap Metal Services, LLC, we base our cash offers on current metal values; you can maximize your payment by recycling with us while prices are booming.

Ferrous and Nonferrous Market News

According to iScrap App, which tracks metal and scrap prices globally, as of February 28, 2019, the steel national average is up by $123.00 per ton, and the copper national average is up by $2.24 per pound. As steel and copper prices increase, it’s predicted that the value of some other metals will follow suit, too.

The trend isn’t limited to February of the current year; instead, data shows that steel (and other metal prices) have been continually increasing over the last year. In fact, the major categories of steel purchased by manufacturers and producers have increased between 18 – 25 percent over the past year.

While the higher metal prices can be damaging for U.S.-based manufacturers who rely on steel imports from other countries to do business, there is an upside: rising metal prices (and tariffs) are pushing companies that need metal for production needs to turn to U.S.-based metal processors. This, in turn, has a direct effect on scrap metal prices in the U.S., driving prices up as demand increases.

Sell Your Materials Today

It’s impossible to predict how tariffs and global steel prices will affect scrap metal prices in the future, but today, scrap metal prices are strong, and as such, it’s recommended that you sell scrap materials now while the market is robust. Note that big things are happening in terms of metal prices, as the United States and China are sketching the details of a deal to end the trade war.

Scrap Metal Services, LLC Is Ready to Buy from You

At Scrap Metal Services, LLC, we are passionate about scrap metal recycling. If you have ferrous or nonferrous materials and items on your property, including farm equipment, machinery, and more, we want to be of service. When you call our trusted scrap recyclers, we will manage all of the logistics associated with processing your scrap, including transportation, weighing, and metal separation. We not only are a trusted name a global leader in the scrap recycling industry, but we also pay top dollar in cash for your scrap.

To learn more, please contact us by phone or online today. We have locations nationally.

How Will Tariffs Affect Metal Prices?

tariff graphic concept for how changes in tariff will affect price of metal, contact a reputable scrap metal recycler

How Will Tariffs Affect Metal Prices?

Tariffs, including what they are and how they work, can be complicated to understand. What’s more, if you are employed or run a business in an industry that relies heavily on metal, you may be wondering how tariffs will affect metal prices. Here’s a brief overview of what you need to know-

What Are Tariffs?

Tariffs refer to a type of tax that is paid on an import or export to the United States. The tariffs imposed under President Trump specifically impose a tax on imports to the United States, which is assessed at the border (of course, in response, other countries enacted a tariff on imports to their own countries from the United States).
The basic idea behind a tariff is this: because it increases the cost of the good to be imported, the cost should act as a deterrent, urging Americans to purchase locally-manufactured items instead of imported ones. While this is a nice idea, in theory, the problem is that the vast majority of goods in the United States are made overseas, or at the very least, contain parts that are manufactured overseas.

What Do Tariffs Mean for Metal Prices?

The tariffs that were enacted by the Trump administration a few months ago have meant that metal prices have increased. To be sure, in January, the cost of Ingot Premium aluminum was 10 cents a pound, and by mid-March (after Trump had announced the 10 percent tariff on aluminum), the price had jumped to 20 cents a pound. Steel underwent a similar price hike – in January, the cost of hot-rolled coil was $661 per short ton, and in March, the price had increased to $836.

When Will Tariffs End?

If you’re in an industry that relies on the import of metals, you may be curious about when the tariffs will end. The answer is unclear, but as of September 2018, Trump has said that he’s considered more tariffs, not fewer. As a leader who strongly believes that imports hurt America, he’s been vehement in his conviction that tariffs will make America a stronger country and global leader.

Recycling Scrap Metal Can Help

While no one can avoid tariffs, and your business may be forced to import and pay high taxes on your imports as such, recycling scrap metal can help. The recycling of ferrous and non-ferrous materials like steel and aluminum reduces the need for additional imports from other countries, is good for the environment, and can be economically beneficial for companies.

We Can Help

To learn more about how we can manage your scrap metal processing and recycling needs, please call us today at 708-730-1400 or send our team a message today. We are a leader in the scrap recycling industry.