If you’re a customer of ours, you may have noticed that the price of scrap metal has dropped a few times in the past week and we’ve had a lot of people ask why. Believe it or not, the outbreak of the coronavirus in China is to blame.
The outbreak of the virus in the last month has had a massive impact on world wide economic activity and threatened to reduce metal demand.
The price of steel, copper and other industry metals has fallen as the death toll of the virus rose to 133. Flights to and from China have been cancelled and borders have been closed in a bid to stop the spread of the disease.
Toyota, one of the largest car manufacturers in China has said it will keep it’s production plants in China closed until at least the 9th February. China is by far the largest consumer of metals and the virus outbreak could mean a drop on the countries economic growth by at least 5% in the first quarter of 2020.
We’ll ensure to keep you posted as soon as the price of metal is on the rise again. In the interim, if you have any questions about the prices please do get in touch with us on 0118 9894652