After sharp declines in the U.S. scrap steel prices bounce back and stabilize while data comes out on steel and aluminum imports and palladium struggles to hold its record value.
Scrap steel prices remain stable for the second straight month as we get closer to the warmer weather of spring. Since falling over over 8 percentage points in the first few months of 2019, the value of scrap steel has been encouragingly steady. Reports from news sources around the industry have even reported some slight bounce back over the course of the last month.
Month over month the average price of crushed auto bodies increased by a little over 1/2 of a percent. Across the country this equates to a $1 increase in the national average up to just under $178/ton. Comparing the current market to the same month in 2018 shows a 16% decrease in value. This is actually the biggest year over year drop for scrap steel in exactly 3 years. However, compared to three years ago the scrap metal market is much stronger today.