I'm not sure when it will go back up. But here's some interesting info I found on scrap metal prices that might be helpful and interesting to you.
-------------
Conventional wisdom has long dictated that falling U.S. exports of ferrous scrap have been putting downward pressure on the domestic market. Since 2011, ferrous exports have dropped by more than half from their record high, and exports are on track to drop below 12 million tonnes this year.
That means nearly 13 million tonnes that went overseas just five years ago are looking for a home in the domestic market. And that glut has pushed prices in the U.S. and Canada down for two years now.
Prime grade prices dropped $30 to $40 across the U.S. Midwest and South last month, and slowing demand for automobiles has some observers of the domestic markets worried that prices could dip even further in October, bringing the price level to the three-year lows they reached last December. Complicating the situation is an increase in scrap imports.
The strong dollar, which depresses scrap exports, also works to encourage scrap imports. The British Pound continues weaker against the Dollar in the post-Brexit era, and the Canadian dollar has fallen to a six-month low against the U.S. Dollar.
The weaker Canadian Dollar especially impacts markets in Detroit, Chicago, Cleveland and Pittsburgh, where prime grades from Canadian stampers and slitters sells at a discount against homegrown scrap.
Source:
http://www.scrappricebulletin.com/4772/US-Scrap-markets-getting-hit-by-exports-imports
----------------