Scrap Metal Prices
Raleigh Metal Recycling
Steel, Junk Cars, Appliances
Scrap metal prices will probably come down next Monday. Prices have come down almost steady for 18 months and started coming down faster since this past February.
The major reason remains China. As an example, see the below article that hit the news just 4 hours ago. "China's mammoth manufacturing sector fell to a six-and-a-half-year low of 47.0 in September, rekindling worries over the world's second-largest economy."
Two years ago, China was buying enormous amounts of scrap metal from the U.S. Today they are buying very little, so the demand for scrap metal is down significantly, so prices are down.
The other major factor is that with demand for steel down in China and Europe, those areas are sending finished goods steel to the U.S., which is hurting U.S. steel mills.
There is no sign that this will be getting better soon so our prices for Steel, Junk Cars, Old Appliances and more, continue to decline.
We remain doing our best to provide great service and the highest possible prices, but demand for our product is down and steel mills are lowering their prices to us.
For more on the scrap metal markets, you may want to see our weekly report that is on our website. This week's report can he found at: http://www.raleighscrapmetalrecycling.com/raleigh-recycling-scrap-metal-commodities-report.html
Greg Brown
919-828-5426
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| China Demand for scrap Metal Down |
Asian equities slid deeper into the red on Wednesday, after a preliminary reading of China's mammoth manufacturing sector fell to a six-and-a-half-year low of 47.0 in September, rekindling worries over the world's second-largest economy.
The downbeat sentiment persisted even as Chinese President Xi Jinping defended his country's growth pace and reassured the world that China's financial markets will remain stable in his first policy address during a state visit to the United States.
"The flash China PMI fell more than market participants [had] expected and the PMI is also well below the 50-point threshold, which reaffirms that Chinese economic activity continues to slow and this adding to global economic and financial concerns," Elias Haddad, senior currency strategist at Commonwealth Bank of Australia, told CNBC Asia's "Street Signs."
An unimpressive handover from offshore markets also weighed on Asian bourses.
Major U.S. averages crashed more than 1 percent overnight, with materials shares among the hardest-hit due to a sell-off in commodities on the back of lingering worries about a slower-growing China.
News that Volkswagen would make a provision of $7.3 billion after allegations it cheated on vehicle emission tests sparked a global selloff in auto stocks. The Nasdaq Biotech Index also extended losses into a second day after U.S. Democratic presidential candidate Hillary Clinton said she would propose a monthly cap of $250 on prescription drugs.
Across the pond, the pan-European STOXX 600 finished the day significantly lower, down 3.1 percent as autos tanked and weaker oil prices weighing on investor sentiment.
The downbeat sentiment persisted even as Chinese President Xi Jinping defended his country's growth pace and reassured the world that China's financial markets will remain stable in his first policy address during a state visit to the United States.
"The flash China PMI fell more than market participants [had] expected and the PMI is also well below the 50-point threshold, which reaffirms that Chinese economic activity continues to slow and this adding to global economic and financial concerns," Elias Haddad, senior currency strategist at Commonwealth Bank of Australia, told CNBC Asia's "Street Signs."
An unimpressive handover from offshore markets also weighed on Asian bourses.
Major U.S. averages crashed more than 1 percent overnight, with materials shares among the hardest-hit due to a sell-off in commodities on the back of lingering worries about a slower-growing China.
News that Volkswagen would make a provision of $7.3 billion after allegations it cheated on vehicle emission tests sparked a global selloff in auto stocks. The Nasdaq Biotech Index also extended losses into a second day after U.S. Democratic presidential candidate Hillary Clinton said she would propose a monthly cap of $250 on prescription drugs.
Across the pond, the pan-European STOXX 600 finished the day significantly lower, down 3.1 percent as autos tanked and weaker oil prices weighing on investor sentiment.
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| Raleigh Metal Recycling, NC Scrap metal |
