Metal Commodities and Recycling Report
Goldsboro Metal Recycling
We Buy Junk Cars For More Cash
801 N. John St.
Today is Monday, July 6th, 2015. My name is Greg Brown, President and CEO of the companies.
There was a lot of news last week, but only yesterday and this morning there was major news that led to changes in commodities and recycling. The bad news yesterday and this morning is that the Greek debt issue is far from being resolved, especially with the Greek people turning down an offer from the EU yesterday. It is not clear what effect this will have on the global economy, but things are not good.
|Oil Rig Count|
|Heavy Melt Price|
Importantly, steel mills did not cancel orders in the SE last week, which would have happened if there was a major decrease in prices coming. They did not cancel orders due to steel mills needed scrap metal flowing into their operations, before and after the holiday weekend.
Copper prices were steady last week for the third week in a row, yet in the past few hours prices dropped to an almost 6+ year low. China’s economy which is a key for copper prices remains in flux with its stock market having fallen over 20% in recent weeks. Due to the major stock market drop, effective today, the Chinese government has authorized a massive buying of stocks by brokers to try and stabilize stock prices.
Overall there while there was some very positive news, mixed with very negative Greek news, prices and volumes in recycling remain very, very depressed. There is word of more scrap metal operations closing in parts of the industry.
The SE part of the U.S. continues to see larger volume drop offs vs. other parts of the U.S., due to dramatically lower retail peddler traffic. Only the strong and diversified will make it through this tough time as well as those that have partnered with stronger operations.
For current prices, please call us at 919-828-5426 in Raleigh, 919-731-5600 in Goldsboro.
With that we hope all have a Safe and Profitable week. Tune in next week for the Commodity and Recycling report.