Scrap metal pricing fluctuates based on supply-chain issues, political uncertainty, and availability.
In 2019 metal prices plunged as lockdown orders went into effect due to COVID-19.
Example: China has become the world’s largest importer of bauxite. Bauxite is used in the production of aluminum. Because the majority of bauxite is now shipped to China, there is less available for Europe and the U.S. High demand plus less availability equals higher aluminum prices.