![]() Miller Recycling has spent decades tracking scrap metal trends and helping our customers understand their options around scrap metal recycling. Miller Recycling Marks 31 Years as an ISRI Member Take advantage of a robust market for scrap copper and convert that coveted metal into cash while prices are high. Here’s the bottom line for American businesses that generate scrap metal: You don’t want to be sitting on your copper scrap right now. But again, this trend isn’t expected to continue apace because increased mine production should generate more copper supply to meet demand. (The copper inventory held in London Metal Exchange warehouses around the world reached a 16-year low in 2021.) Naturally, as copper supply dried up and demand remained high, copper prices rose. Largely because of the slowdown in copper mining over the last decade, the existing supply of copper dwindled over the last few years. Copper stockpiles have been critically low.In mid-2021, The International Copper Study Group (ICSG) released predictions that the global copper mine production would rise by 3.5 percent over the course of 2021 and 3.7 percent in 2022. That said: While a slowdown in copper discoveries could be a problem long-term, experts are optimistic about a turnaround. ![]() A slowdown in supply of virgin materials makes existing copper even more valuable. In other words, miners aren’t finding as much copper ore as they used to. Analysis from S&P Global shows a downward trend in new copper discoveries over the last decade. It’s taking longer and costing more money to move copper around the world, and that’s reflected in higher copper prices. Like every industry that involves global shipping, scrap copper has been affected by the ongoing shipping crisis and disruptions in the supply chain.
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