Auto Scrap Price Declines

Here at Barberton Junk Cars, among the Akron area scrap yards that buy cars, we have certainly been impacted by the auto scrap price declines. As a scrap car buyer who buys scrap cars throughout Summit, Medina, Stark and Portage Counties, we can empathize with those auto recycling businesses that are impacted. Our next story relates to an April 8, 2015 article by Allen Gerlat on waste360.com titled ‘Slumping Recycled Metal Prices Prompt Schnitzer Cuts, Consolidation’ outlines the following information: “Plummeting recycled metals prices have prompted Schnitzer Steel Industries Inc. to merge its metal recycling & components business and initiate a cost reduction program. The OR based Schnitzer reported a net loss of $196 million in its 2^nd quarter, with the metals recycling business losing $187 million. Market selling prices for recycled metals dropped the largest amount since 2008, with ferrous metal prices falling about 30% from 1st-quarter levels. Schnitzer expects about a quarter of the savings to be achieved in its 2015 4th quarter. The company expects restructuring charges of about $10 million.

Schnitzer is one of the largest manufacturers & exporters of recycled ferrous metal products in North America, with operating facilities in 14 states, Puerto Rico & western Canada. Detroit-based scrap recycler Sikora Metals posts a monthly update on the scrap market on its website, and it confirms the depressed state of the market. In its April report it said, “There is still no certain answer as to if/when prices will start to climb again. We are hopeful there will be some increases this summer, but that is no guarantee.” The complete article is available here: http://waste360.com/metals/slumping-recycled-metal-prices-prompt-schnitzer-cuts-consolidation

The overall market landscape that composes the demand for auto related scrap from junk cars and trucks is more complex than meets the eye. So much of these commodities are used for production overseas, that it can be volatile. Someone who buys scrap cars is essentially on the front-line of the market, but scrap car buyer prices are influenced by a much broader global market.

There are options when it comes to scrap yards that buy cars in Summit, Medina, Portage and Stark Counties. Our scrap car buyer always offers you up-front, clear pricing for your junk vehicle. We are among the scrap yards that buy cars in Kent, Highland Square, Peninsula, and Barberton. If wondering who buys scrap cars in Ravenna, Springfield Township, Merriman Valley or Bath—then we are the answer. Free towing is included for junk cars in Canal Fulton, Silver Lake, Canton and Copley. Same-day junk vehicle removal is available in Mogadore, Warren, Stow and Lakemore for those who confirm by 2PM daily. After 2PM daily, we provide next-day junk car hauling throughout Clinton, Medina, Coventry Township and Cuyahoga Falls. If you have an old car to sell in Fairlawn, Firestone Park, Norton or Monroe Falls, simply call (330) 732-JUNK today. Get cash for cars in the areas of Tallmadge, New Franklin, Massillon, Kenmore and Chapel Hill by contacting BJC.