Scrap prices dropping fast….

The price of scrap is dropping daily. This is mostly due to China closing it’s boarders to importers of scrap. Most of these importers were importing (under the table) or smuggling. Add to this change of policy the fact that manufacturing is down and most manufacturing is done in China and you have a downturn in pricing that is effecting most U.S. scrap dealers.
Gold bearing scrap going directly to the smelters may be the only saving grace….