Junk car Prices still down in Indianapolis
Indianapolis-as most of you know, the price of scrap metal has been down for the last 5 months. We had really hoped that by now the price would be going back up. We have heard several different dates of when it was going back up, but so far, no luck. The main reason of the scrap prices being down, which makes the junk car prices down, is we still have a surplus of scrap steel. I have noticed though that the price of oil is going up. This is good for the junk car business and scrap steel business. When oil hits $3/gallon or more, it is profitable for the oil companies to frack, so the fracking increases. The oil industry accounts for up to 20% of the steel industry. Hopefully this means that the price of steel will soon be going up. When the price of steel goes up, the price of junk cars in Indianapolis also goes up.
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