NC Scrap Metal Prices
Wilson Scrap Metal Recycling
There is not a lot of good news. Copper has stabilized, but is really down a bit in the past few days. Steel hit a new multi-year low in the past two weeks and next month, it could be down or sideways/flat in price. See the below, written by one of our suppliers.
The BEST prices for cars in all of Wilson will still be here, though! And even if copper and steel remains low we will continue to do our best to pay you the most we can.
Wilson Metal Recycling-NC Scrap Metal Prices per Pound
The Fed, Greece and Ports: The Fed minutes were released, suggesting they are inclined to wait on raising interest rates, being unclear in terms of when they will make a move since they themselves are uncertain. While the jobs market strengthens, inflation remains below the 2% target and the global economic landscape is confounding. The next fed meeting is Mar h 17-18 where “be patient” may be dropped from their vocabulary.
Greece has agreed in principal to EU demands and needs to bring it before a formal vote, giving that country a 4 month extension on aid. Greece needs to present today a list of budget cuts and economic overhauls. While the Greek government argues its debt-servicing schedule will force it to run a surplus that is not economically sustainable, the fact remains countries looking to enter the EU did exactly that to gain entrance. Based on the current governments promises made to its people to get elected, it’s not the price to be paid to service its debt, its more the government’s willingness to pay the political price.
Commodity prices in general will remain under pressure as the stronger dollar is pushing mining companies to maintain production despite falling prices. Miners such as BHP Billiton and Rio Tinto benefit from a stronger dollar by being paid in dollars for mined product while paying local mining costs in local currency. The result is increased supply and while demand remains lackluster, putting downward pressure on prices. Some claim “a stronger dollar will only postpone an inevitable reckoning for the mining industry. By keeping mines open, they are feeding a global glut of metals, coal and iron ore”.
A tentative agreement has been reached at the West Coast ports, so operations will be back to normal and workers will try to reduce the backlog of ships off the coast, tentatively expected to take several months. Union workers still need to vote on the new agreement in coming weeks.
Aluminum premiums in Europe have fallen $30 a ton last week and Asian premiums are under pressure this week as well as discussions around Q2 premiums begin to get heated. US premiums fell $.01 late last week and are expected to continue to drop as prime and prime substitutes (surplus semi manufactured products coming from China) hit US shores looking for a home to take advantage of our domestic high premium. Look for downward pressure on the US premium in coming weeks/months and resulting spreads tied to cash LME to widen accordingly (what goes up with the premium must come down with the premium).
Market moving news this week is Janet Yellen addresses congress on Tuesday. Expect commodity price volatility with China on holiday and trading volumes lighter as a result.