Metal Monday Episode #19 with Nick and Brett, May 8th, 2023

Brett and Nick are back to talk metal pricing. PGMs are mostly up, but tune in to find out which one isn't and to hear the guys' take on Mondays and getting through the week. Make sure to send any questions you'd like the guys to answer to (208) 487-4311

Transcription

foreign another beautiful Metal Monday with Brett here how how are we looking at any green out there we were just saying if we do these if we do 52 a year then it just we might squeeze a couple greens out we might get 10 Greens in there because it feels like a lot of red yeah you know a lot of blood in that pasture I heard a I heard the best quote this morning I was listening to a podcast and and they said you know when you look out in the ocean and you see the tidal wave coming right there’s two types of people in the world there’s people that go grab the surfboard and they go ride it or to run to the beach grab their their towel and take off because they’re scared right like you gotta pick a lane are you grabbing right are you making me know one way that’s what I thought and the people here in our company they’re surfboard Grabbers yeah the rest of them they go grab the towel ride that Red Wave would it run for their cars we’ve been through I don’t know how

if you’re listening to this I’m not sure how long you’ve been in the industry but there’s a lot of ups and downs uh the sun will come up tomorrow if you make a bad buy yeah one thing I’ve heard from multiple people the great thing about what we do if you up and make a bad Buy you should have another chance to make a good buy yeah so it should let even itself out that’s the problem I made my fair share of bad buys and it sucks and it sucks to be like hey Brett I bought ten thousand pounds of copper too high because the man you took a fat we always tell you know we always tell that story when we were first trying to learn how to do podcasts we were in freaking God where were we before Fort Worth we’re in Texas doing it but we were doing a podcast on pipe reline and the market was just cratering this the scrap was created I think copper was off 20 or 30 cents but this is during it was a long podcast I think it was like a two hour long

podcast uh and I think we came out of there and we were right in the middle of negotiations on a big demo job and the guy we had like a structure set up the guy saw the market plummeting I missed like 20 phone calls yeah and he said can we lock in a day and then us we’re thinking we hit bottom like sure that’s good we thought we’re like oh but no it kept going I think it went down on a dollar I know like we lost like a whole dollar a pound that week you know we lost a dollar yeah and we said and you know we we didn’t we set up we sat on it for a long time I mean if you calculate how much it costs to sit on it yeah it was a cut even yeah but we didn’t yeah but there for a while it was a tough go on that LaSalle but that’s that’s that’s the business that we’re in so it keeps it keeps it Lively um where I mean do we get back to four this this month that’s the question I think so we

hit what’s the top I don’t know but I think we get past four we haven’t done a bet in a while I don’t know I think well I’m down I think we get past four again 405. yeah I’m down with that I got everything I think once we climb past four you climb the wall 404 and Below yeah I’ll take that yeah I think we climbed the wall worry at least for a little bit longer I mean I don’t know like I it feels pretty soft up there the market feels a little bit squishy um you know I it’s 10 a.m our time so I’ve already been on the phone with you know two shredders um and uh some other guys talking about talking about scrap already just just today you know finally I feel like maybe we get some sales off I I’ll probably sell some scrap um and close your fair any Ferris deals last week yeah I did I sold some some scrap West okay so now it’s just gonna depend on my motivation to sell East um and I think generally it’s we’ll just see what the market does

but obviously it’s softer this month and you know the economy if they if they were truly slow these rate hikes down and say okay let’s just see how this thing settles out maybe there’s a chance for a soft Landing maybe not but there’s just a lot of macro economic like factors going in like the guard like weighing I think on the market in general Commodities oil base Metals um you know your pgms are they’re ripping this morning gold um is going hard so you know I don’t know we’ll see I think it’s uh you know there’s just so many like positives and negatives you know out there that are like pushing and pulling but I get nervous when the market gets these big swings like when it’s big ups and big downs and big upses means it’s usually like when it it’s like you think about Like An Earthquake like the biggest shakes before the actual destruction it feels like that’s where we’re at so that’s why with you know the market dipping on you know going back to Copper it’s good to see it natural Ebbs and flows um because you know my

experience when you see a 30 Cent swing yeah yeah maybe it comes back or maybe it goes down a dollar dollar fifty down you know yeah so I’ve seen them I’ve seen them both ways you know so that’s what really scares me and like you said the UPS too like you don’t get me wrong I love seeing waking up to 20 cent up copper yeah I enjoy it but at the same time that does put and still a little bit of fear well it also drives people’s anticipation of what the value of their scrap to be that much higher when oftentimes the market like the consumer base the consumers of that material yes they don’t chase the market as hard right I mean they if just because Copper’s up 20 cents unless you have a formula price based on the comex price today then the yeah you’re not gonna see 20 cents of that like if you’re selling a number one copper or number two copper or a red brass or a yellow brass that’s got a copper component to it you’re not going to get all of that say 20 cents you might

get a few cents of it um just because on the consumption side unless they’re really chasing a hot hot Market not just a one day swing you just won’t you know so then you’re battling the price you know on the purchase side of like oh it’s up 20 cents you’re like well maybe you know on the comex side but not necessarily on our sell side so I think you just gotta you kind of have to be aware of that yep 100 okay before we hit record on this we talked about we were talking about Monday if you like Monday or don’t like Monday what’s your thoughts I love Monday why why because it’s like a brand new start like same reason why like a new month like we go all the way to zero and like the Journey Begins again right and why I love the new year it’s like the you know it’s a I don’t I’d like like the challenge right I was talking to somebody yesterday I you know I was we put an offer on a piece of property and Caldwell and somebody I was talking to somebody on the

phone and they’re like like I figured you out Brett and I was like they’re like what and they’re like like you really are just you really go for you’re in it for the challenge like you’re in it for the game and I’m like one thousand percent I was like I’m 100 like not necessarily the accolades as much as I am in it for like the the actual competition like the the chase not when the clock hits zero and you win you like yeah I don’t know middle area yeah you like the second and third quarter I prefer yeah I prefer like just being in the middle of the and sometimes I create my own messiness and but oftentimes like I just like being in the middle of it so why do I love Mondays because it puts me right back in the middle of the the day-to-day like I love Saturdays with my family I mean you know we’ve been coaching Sports and Sundays taking my kids to the gym like I post about that and I love I love it that’s kind of our church but man like you know like

I do love this like I love just the the day-to-day bike grind I love it I get borderline obsessed with time time management how to utilize my time and I do get a sense of like relief on Monday because I do feel like oh okay I got all this time to fit these projects and oftentimes I don’t get them all done because the things come up but Fridays I get some I’m like oh I didn’t get that done that done that done and I’ll move it to the next you know so Mondays is a refresher for me so enjoy your Monday out there my wife says I’m notoriously for overbooking like at home on Saturday and Sunday she’s like you can’t cram all that into a day I’m like well I’m gonna give her hell and then I yeah I try the same thing on a day I just move them over if I don’t get it and then I forgive myself okay I didn’t get that done but I’ll get it done tomorrow exactly all right have a great week everybody thank you