Scrap Recycling Downturn
Cash 4 Cars Akron is a salvage vehicle and wrecked car buyer that pays money for a scrap car in Cuyahoga Falls, Springfield Township, and North Akron. The junk car scrap business has been in a slump recently due to the money for a scrap car or salvage vehicle decrease in value. It is widely known the global commodity prices are slumping, thus putting the damaged or wrecked car buyer market in a pinch. Some products derived from old car scrap and junk car scrap like aluminum, have been impacted to a lesser extent. Our next article looks at how others have experienced financial problems within the realm of buying and selling a scrap car.
In a January 21, 2016 article by Brian Nearing that was posted on timesunion.com with the headline ‘Economy putting crunch on recycling businesses’, we learned the following: “A $12M recyclables-sorting machine opened near the Port of Albany 5 years ago, its owners hoped it could produce up to $1M a month in revenue from selling recovered steel, paper & plastic. Today, due to collapsing oil prices and the Chinese economy, prices for recyclables have plummeted. The massive 1,000-horsepower sorting machine is struggling financially. Dan Kurtz, District GM for Sierra Processing says they are doing their best to avoid charging customers for recycling. The company is affiliated with County Waste & Recycling, a trash hauler that serves more than 180K customers across many counties. He hopes that the markets for recyclables improve quickly. At the Ben Weitsman of Albany scrap yard, a ton of scrap steel last year fetched about $380 and now is about $160.
Adam Weitsman says their volume of metal brought in for recycling dropped about 25% recently. His business has been family-owned for about 25 years and this is the hardest time in recent memory. The scrap & recycling business has dipped from just a few years ago, when the County and local law had to prevent residents from scavenging metal from trash. Pricing for steel, plastic & paper has collapsed.
According to Kurtz, as oil prices plunged last year, it took the price of recycled plastic down with it. A ton of recycled plastic was about $420 one year ago and now is only about $200. A low oil price makes new plastic cheaper than the recycled product. Vermont-based Casella Resource Solutions started assessing trash-hauling customers a fee on their pickup to cover mounting expenses. In December, Pure Metal Recycling, the largest recycler in Chicago, abruptly closed 6 sites while filing for bankruptcy protection. At the Port of Albany, they are still planning to eventually install a 3,000-horsepower auto shredder, which have been on hold for a couple of years. The Albany shredder plan is still viable, but subject to market conditions to move forward.” The full article is available here.
Salvage vehicle buyer
Here at Cash 4 Cars Akron we are paying money for a scrap car and old car scrap. When selling a scrap car to a damaged a damaged or wrecked car buyer in Sharon Center, Mogadore, or East Akron, the vehicle title is always required. The State of Ohio requires that even when selling for junk car scrap, that ownership is verified. Are you looking to get cash for a car in Wadsworth, Kent, or New Franklin? Those needing cash for cars in Peninsula, Firestone Park, and Highland Square are encouraged to call. Will it cost more to fix your old car than it is worth? Residents of Ravenna, Merriman Valley, and Bath can contact or junk car buyer at (330) 271-6464 6 days a week. We have now expanded our junk car removal service area to include the regions of Clinton, the Portage Lakes and Coventry Township. Even if your car is broken down at a local Goodyear, Midas or Firestone Service Center, we can typically arrive to tow it away and pay you cash fast. Same-day cash for clunkers is available throughout Norton, Monroe Falls, and Tallmadge also.