Scrap Metal Recycling Poised to See Optimal Market Conditions This Year

SEATTLE (Scrap Monster): Greenwave Technology Solutions, Inc., which operates metal recycling facilities in Virginia and North Carolina, foresees optimal market conditions for scrap metal recycling in 2023 and beyond.

Citing the Commodity Outlook Report for 2023, published by Goldman Sachs, the setup for most commodities remains bullish next year, it noted. The prices of most commodities are likely to increase this year, driven by depleted inventories, lack of fresh capital investments towards creation of new supply sources and rising demand for commodities, especially from China.

Over the past one-year period, the company has invested over $10 million in its scrap metal processing facilities. This is expected to double the company’s scrap metal processing capacity and provide significant boost to its margins. Incidentally, the company’s second automotive shredder and downstream processing system are expected to commence operations during the initial quarter of 2023.

Danny Meeks, Chief Executive Officer, Greenwave stated that the substantial investment in infrastructure will help the company meet the growing needs of its domestic and international customers. Furthermore, it will deliver significant shareholder value in 2023, he added.

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