Iron ore prices are lower than they've been in the last 5 years. Coal was down some but recovered a bit in the last month. China's market is being flooded with cheap iron ore. It's so cheap China can't profitably mine most of their own at current prices. Combine that with the west coast dock strikes and that sends the price of scrap into the gutter.
Other metals like lead, titanium, nickel, tin, copper, and aluminum are considerably under any high reached inside of the last 12 months and many are currently at a price near half or less than half of the price of any high reached in the last 5 years.
I've seen some real dummies at auctions buying scrap, and I've seen some guys that do quite well for themselves, too. The dummies generally don't last long, but when one dummy disappears, another seems to take his place.
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Today's Featured Article - Restoration Story: Fordson Major - by Anthony West. George bought his Fordson Major from a an implement sale about 18 years ago for £200.00 (UK). There is no known history regarding its origins or what service it had done, but the following work was undertaken alone to bring it up to show standard. From the engine number, it was found that this Major was produced late 1946. It was almost complete but had various parts that would definitely need replacing.
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