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Wednesday, 12 March 2014

More bad news

Today Scrap Prices have dropped yet again it is reported as "the steepest drops in years"

See the Reuters article for more information.

Tuesday, 11 March 2014

Metal Prices Falling

The scrap metal industry took a large knock yesterday, All metal prices especially copper fell sharply,  I saw a news article on Russian Tv earlier that explained why this has happened, The reason there has been a drop in the copper is that Chinese Banks are holding back on business loans to Chinese businesses as one very large company defaulted on a loan leaving huge debts to the bank .

The Chinese banks then also decided that the copper was no longer worthy collateral to secure the loans on, This lead to large manufacturers not being able buy copper and other metals as they do not have the money, this then causes a decline in demand, which then bring down the price of what a scrap yard can pay for your metals.