What is causing scrap metal prices to go down?

Question

I sell scrap metal as a side income. Thankfully I don't rely on it for a full time income to provide for myself.

Scrap metal has continued to fall downward. I remember scrap tin being $400.00 a ton when I took some in about 7 years ago I believe.

Then it fell to $250.00 a ton, then down to $100.00 and then even hit as low as $5.00 a ton?

Why are scrap metal prices so low now and will the scrap metal prices ever recover?

I'm seeing this downward pricing with other kinds of scrap metal too. Aluminum prices are down, copper is down and everything else.

Answer 1

Scrap metal is a commodity and it trades on the stock market.

It also relates to gasoline prices. When gasoline prices fall then so does scrap metal.

Another thing is supply and demand.

If there's not much demand for the scrap metal then the prices will go down and when the demand for it is up then the prices rise.