Scrap metal prices continue to remain at rock-bottom levels with most recycling merchants offering prices as low as €40/t.

According to a price survey carried out by the Irish Farmers Journal this week, prices for heavy scrap steel range from €40/t to €70/t delivered across Irish recycling yards.

In late 2014, some merchants would have received €140/t to €180/t for scrap metal. Since October 2015, scrap prices have collapsed. The fall in scrap prices has continued with no significant increases in the price of metal.

Low metal prices are being experienced globally and there are no indications of any price increases for the near future.

Factors such as the oversupply and the fall in oil prices have contributed to the low prices for scrap metal.

Merchants believe that the downturn in the Chinese economy has further contributed to the low metal prices within the industry. China, one of the largest purchasers of metal, has switched to mining their own natural ore resources and this is putting pressure on world metal prices.