RecyclingSecrets 
you're right, I was born in '77 so that era isn't very memorable. However one significant difference is the level of globalization and interdependence of the world economy.
Perhaps scrap is like gold, when the economy strengthens, scrap prices will fall? However its a resource just as oil is, and necessary for growth around the world. Plus there's a greater economic incentive to recycle materials than ever before.
Short of the zombie apocalypse, we're not going to see $20 scrap again. Yes things can get worse, but I'm not a gloom and doom guy.
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