Steel is the most recycled material on Earth.
Amazing really, as of 2012, 88% of it is recycled on average. But it is very cyclical, since January of 2014, pricing has fallen about 60%. Sure it bumps up and down a penny or two but over the term that far down. In 2011, the recycle rate of steel was 92%, but global demand was off the chart, for 2013 it was 83%. That may not sound like much difference, but it is. In 2013, China had 35% to 40% more capacity to make steel than it had in country use. So, they sold it on the global market, cheap. So, our steel making capacity was driven to about 70% capacity last year, down about 7% from the year earlier. Many global recycling companies with dozens of locations nation wide, are closing their doors. Surprisingly, the price of oil drives all scrap pricing. Only a small portion of steel making is used for the rigging and piping, industrial use drives the price.