Scrap steel prices are down and could drop more.
Market Prices depend on a few variables
Industry needs - This is a simple case of supply and demand. If there is a small need for materials for manufacturing then you can expect steel prices to drop. But if the need for new manufacturing, or construction the need for supplies rises along too.
International trade - When foreign countries that import a lot of scrap steel slow down their imports, you can bet scrap prices will surely drop. And when those same countries run low on steel and their supply and demand go up, then scrap steel prices will rise up too.
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