Metal Monday Episode #27 with Nick and Brett, July 3rd, 2023

It's another Metal Monday and the ferrous market is looking sideways. Tune in to hear why aluminum is getting crushed. Make sure to send any questions you'd like the guys to answer to (208) 487-4311. Produced by Recycled Media.

Transcription

foreign how you doing today Brett I’m good man it was a pretty tough decision Which hat to wear today but I went with the the black American flag one the same one I wear you know but this one this this metal Monday we’re a day away from Fourth of July so it has a special meeting and we we do have the yard open today uh so we are you know doing some helping some of our customers recycle today and copper has recovered a little bit today wait 379 this morning yeah it hit 380 but it dipped back down yeah you know we didn’t get to four dollars like we were hoping we got like 392 I think is what yep I think I I had a load of chops that I got rid of at a pretty good price and um and another load that I sold too early so it just it all balanced itself out I guess you know it all if you ever think you’re gonna time the market like unless you’re just really damn good and I ain’t then uh you just keep it moving we just gotta keep keep

buying keep selling and that being said what what’s the word on Ferris I know it feels sideways-ish it’s kind of what the grumblings are on the street uh people I talk to obviously depends on the grade but I had heard that sound like some shredders might have cut the pricing a little too hard too fast okay like in the Midwest and uh even some on the East where they’re saying they’re actually getting some shredders to prick the pricing back up a little bit so that being said I think that’s a good that’s a good sign that maybe it’s not going to be a bloodbath into July okay I think everybody’s volume feels a little bit better with the summer months but maybe not as good as everybody would like to see or has it has been the last couple years so I’m I still feel like it’s just soft sideways you know if we get a little bit of money then they’re you know take it and be happy yeah I’ll take sideways you know after the last few dips um what’s aluminum doing right now it’s getting crushed just getting killed I

think all Commodities I mean you’re seeing it on the PGM side black opinion rhodium are just getting hammered I mean gold and silver I mean Gold’s still over 1900 and silver in the 22s but like you know you’re you’re your industrial Commodities are getting hammered I think that’s just because of the China narrative as much as anything um the dollar is still just strong I mean compared to other currencies I mean compared to the Turkish lira compared to any of your other big you know your your main basket currencies the dollar is still pretty strong which is not helping the base Commodities cause any of your industrial commodities for that matter and I think even though Platinum Platinum rhodium are still considered you know pgms they’re still industrial Commodities as well they kind of have that dual role so it everything you know and so going back to aluminum like aluminum is getting hammered like everything else there’s there’s enough of it out there you know there’s not is nearly the demand that uh because the warehouses are all stuck yeah right and you know I was talking to uh um to one of

the aluminum Mills that we deal with and they said basically if your sales aren’t strong through like April on the finished good side you can damn near right the year off yeah and that’s you know and he’s like and we’re kind of looking at a year where maybe they aren’t great so they pretty much like say you know like that first quarter if it doesn’t appear to be strong or have some momentum going into Q2 do then you can pretty much write the rest of the year off so we’ve been doing it a long time so I’m not going to argue with them on it but with copper the the Saving Grace for maybe copper is the warehouses are so uh yeah depleted they’re still depleted it’s depleted right so you would think that would help the market but the strong dollar the China narrative are pushing it down China still isn’t consuming I mean China’s they consume anywhere from 40 to 60 percent of the world’s copper depending on who you listen to right and what stat you read well if your biggest consumer is not quite out of the market but not

all the way in well then you can see who drives the price right and if if that price being driven is is nobody there aggressively buying then it’s going to be weak on even if the inventory isn’t strong and still you got to have someone on the buy side like push them by you know to drive price or at least keep it steady okay well we will see what the market does on Ferris we’ll keep an eye on copper aluminum and I hope everyone has an awesome Fourth of July tomorrow yeah it should be it tomorrow is always a good day yeah one of my favorite holiday that was able to take off like the extended weekend like Friday through tomorrow good for you and I hope everybody’s getting some quality family time and time away from work so that when they come back on uh Wednesday it’s it’s go time all right keep all your fingers in place yep keep keep all your digits everybody yeah thanks everybody