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Article: Scrap metal prices falling Some materials'; cost has dropped; 50% since August
- Article from:
- The Milwaukee Journal Sentinel (Milwaukee, WI)
- Article date:
- October 8, 2008
- Author:
CopyrightCopyright 2008 The Milwaukee Journal Sentinel. Provided by ProQuest LLC. (Hide copyright information)
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Scrap metal prices have plummeted, resulting in pain for some but
hope for others.
Prices of some materials have fallen more than 50% since August,
hitting their lowest levels in years.
The price of No. 1 heavy-melt scrap, a common type of steel, has
dropped from $523 a ton in July to $251, according to the Institute
of Scrap Recycling Industries in Washington, D.C.
Other prices have fallen, too, as the global economy has slowed
and reduced the demand for scrap materials used to make new steel
and other products.
Some scrap metal dealers have reacted to the plunging prices as
if learning they had terminal cancer, said Marty Forman, president
of Forman Metal Co., a Milwaukee metals recycler. ...