With ferrous scrap metal prices at a ten year low, copper at a six year low and other commodity markets weak, the impact is being felt across the waste electrical and electronic equipment (WEEE) industry which relies on income from the component parts of unwanted appliances and electrical equipment to finance their businesses.
Russell Hirst, Managing Director, Wiser Recycling says: “The state of the scrap metal market and those for other component parts have definitely made it a challenging year for WEEE recyclers. Whilst at Wiser Recycling, we have had to tighten our belts, we have weathered the storm and managed to grow our business this year despite the difficult conditions. Our customers have faced increased prices but those with a good understanding of the marketplace realise that there has been no other option.”
Following a fall in scrap steel prices of over 50% in the last year and copper prices by over 25%* many other WEEE recyclers have been less fortunate and a number have closed in the last six months. Changes made by the Department for Business, Innovation and Skills (BIS) to the WEEE system last year are considered to have compounded the issue. WEEE Recyclers are hoping for a better 2016!
*Lets Recycle old steel scrap prices and copper wire prices for November 2015 compared to November 2014