June 12, 2017
To The Loyal Customers of Kimmel Scrap Iron & Metal
As we approach the half way point of the year the steel markets have mostly stayed flat the last 90 days while the first 90 days of the year we saw prices bounce around. Now if we could only predict the second half of the year. Since it is not that easy what we can do is look towards July. As we sit here mid-June it appears we could be in for another sideways steel market in July. With automotive plant shutdowns coming and automotive sales softening the scrap metal produced by the automotive sector will continue to be in demand.
The stainless steel market on the other hand is struggling. Prices for 304 stainless have dropped .15 since March and are expected to go lower. How much lower? That is to be determined. Nickel was flirting with $5.00 per pound at the end of February and beginning of March. Nickel is now flirting with $4.00 a pound and has fallen below that mark a few times this month. In addition to the struggling nickel market the chrome market which was helping to keep the 304 prices somewhat afloat is now in a decline. Expect prices to fall further for nickel and chrome alloys.
But with summer upon us we do have nice weather to look forward too and enjoy. So from the Kimmel family to yours, have a safe and wonderful summer.
Don’t forget we offer several options for requesting service. Please call, fax, email or request service using our website.
T.J. Yarema 103
www.kimmelscrap.net look for “Schedule Pick-up.”