President of Utah Metal Works Mark Lewon said the rest of the world copper prices haven’t changed much and are generally low. But in the states it is a different story.
SALT LAKE CITY — People looking to sell their scrap copper are having to accept widely different prices than what they expect due to tariffs.
President of Utah Metal Works Mark Lewon said the rest of the world copper prices haven’t changed much and are generally low. But in the states it is a different story.
He said when people are wanting to sell their copper they have been looking at the value of copper in New York. They see the prices and are expecting some good returns.
However, metal works has been using London prices not New York, causing confusion and maybe some disappointment as sellers are usually not getting the high prices quoted in the big apple.
“That kinda sticks in people’s craw and so then we get the questions, you know, or we get the suggestions that we’re working on giant margins and it just isn’t the case. we’re not,” Said Lewon.
Lewon said prices for metal are high right now in the states. But not so much in the rest of the world. And because they’re a large-scale outfit they have to use London prices and not what people expect to get here.
Lewon said the difference between prices in the states and in London are the widest they have ever been. On last check the prices in London were 40 cents less than in New York.
“What bothers them is maybe they’ve done this before, they look at the numbers relative to New York prices and they’re saying ‘hey what’s happened.’ thats the difference,” said Lewon.
Since some tariffs have been put on hold or canceled the margin has been narrowing.