thank you welcome to a scrap life a podcast solely focus on the hustlers Grinders operators and business owners who live and breathe the scrap metal industry every day we are the original recyclers no suits required just guts and hard work here is your host Brett Eckhart what’s going on everybody another Bulls versus Bears September 2023 podcast coming your way I got Chad I gotta break down all the charts and give us all the good news coming for coming straight at you from the big state of Ohio and I’m over here in Idaho man just uh we just got done shooting the so now let’s get some uh let’s get some scrap life Bulls versus Bears podcast rolling how goes it man I’m wonderful Let’s uh let’s labor on some Labor Days how about it it is it is I was I was writing my like LinkedIn post this morning and um I got my dog out this morning get got a little walk-in now I now I’m about to go work out myself get some exercise in but uh I set it in there a little bit of work a little bit of

play a little bit I just enjoy it some relaxation but for the next little bit we’ll get some working we’ll talk some scrap and then we’ll get back to hanging out with the family well I’m uh I’m excited to talk to you uh talk to you about this Bulls versus Bears because I think this is gonna be a good one I got five positive five uh five bull points five bear points so we’re gonna be really going back and forth here this is like a real like this is one of those markets I think this month that it lends well to both right I mean there’s I mean this is just me like pontificating what your points are gonna be but it feels like there’s definitely some supply issues on the scrap side the counterbalance the demand issues on the consumer side and so it’s going to be oils ripping right now I’m sure we’ll I don’t know if that’s gonna be one of your charts but usually he’s in the mix somewhere copper is kind of hanging around so I I feel like I’ve got a decent argument on the on the bull

side so let’s get this party started well I know you can’t contain yourself so let’s just get it over how are scrap flows let’s go our scrap flows uh where are they at how how much are they off dude I had somebody call me I shouldn’t say somebody I’ve had a lot of people say how’s it going over there I’m like man I’m busy and they’re like really you know I’m like yeah you’re busy and I was like but it’s mostly hauling tires and they’re like oh okay I said because honestly the scrap flow isn’t uh isn’t great but we are busy and we’re mostly all I’m tired right now so um scrap flow like legitimately is off 30 I would say I mean that’s probably like in the range of I mean you talk to most people but over here in Idaho we’re probably in Oregon we’re probably looking at somewhere around that year over year and especially the last two years like I think 30 is probably a fair assumption on both Ferris and non-first well well I mean we talked about scrap being elastic and the more you pay the

more you get right I think we’re relative to the last uh six months we’re definitely playing less today than we were so yes I think that plays a role in it um you know coming in the fall it should I would think it would pick up a little bit just because that the excuse me the time of year but I guess time time will tell but I feel like it’s definitely off compared to the last couple years and and some of that’s price some of that’s just I’ve always said that you know your your scrap metal recyclers are kind of the Bellwether for what’s going on in the manufacturing community and we we feel it faster we see it sooner just by the flows of like what’s being produced by what’s being scrapped what’s being you know off the tailings and the scrap side and and I think that we are seeing less manufactured you know scrap less less commercial volume and I think that’s that tells you that the economy is definitely slowing down um and whether that’s a return to like quote unquote normal or that’s you know it’s gonna the can

slow down is going to continue I I don’t have a crystal ball I can’t predict that but it definitely is slowing down on the manufacturing side well I think I think you brought up a great point and two I think the biggest bullish point this month is scrap flows I will tell you I’ve I’ve traveled all around the Midwest especially in the last you know 30 90 days all right 30 60 days and and what you’re you’re not anomaly no one lives in a vacuum typically where one yard is down scrap float wise you’ll see it all across the country uh but on the biggest bearish point I have today is I mean I got a list of I’m looking at September October November all the outages coming up yeah Big River Cleveland Cliffs Cliffs Chicago you know Nucor Plymouth Grinnell Petersburg Grinnell Monroe defasco Crawfordsville Newport Crawfordsville you got couple uh ssab in Alabama Hickman Decatur Midlothian Arkansas steel uh Gretel Fort Smith SDI Columbus Tennessee I mean there’s a huge list of outages and to that I think people are slowing down and now is the time to take to maintenance outages

to get back to back hole again at the steel mill world how much of that has to do with the UAW strike any of that is that I mean do you is there any like correlation or is it just I mean between the two going on or just well I I don’t know what’s going to happen if you that that is definitely I would say the third biggest point is what’s going to go with this UAW strike and how’s that going to impact scrap flows being Prime right Prime scrap and just overall steel demand I personally some of the Articles I’ve read it feels like Automotive is still very much tied to integrated and steel so I think you’ll see integrated the Hot Wheel notes especially have some I mean I think it’s like 90 000 um tons of um a month that’s just gonna disappear instantly right yeah and so you would think okay well of all that steel demand disappears but on the integrated side does that keep does that how much does that affect the scrap market right yeah and on the on the other side order those integrated to go

after other business units which which hampers the price of hot roll on the other side though you could say well so all there’s a lot of prime scrap being generated every month by The Big Three that are impacted by the UAW what when all that Prime scrap stops what happens to the scrap market right and so I feel like it could be more of a bullish Point than a bearish point just thinking about those Dynamics but but what are your what’s your thoughts I think it I mean that Midwest that that you know even in the South like that that that’s markets that I’m probably the least familiar with as far as like the the Dynamics of how does the UAW and and then what is the the volume of Steel being produced and on the hot roll side going into these auto manufacturing plants like that is probably a little farther out of my wheelhouse but I could I could definitely see um if you could if you couple that with the you know the strength of the dollar and and the volume of imports coming in um in in these other segments

the potentially these uh those furnaces or those shots be going after right so like yeah maybe they are going to give up XYZ amount of tons per month because the uaw’s on strike and there’s no consumption there but then they’re gonna basically go Target these other hot World Markets when you’ve got Imports just pouring in because of the the strain the dollar I mean it sounds well and good in theory to go you’re gonna go after these other markets but if if those other markets are being fulfilled at a much cheaper price you know then also you can see why so many so many planned outage maintenance outages or whatever it could be I mean almost as a uh a precautionary like well worst case scenario let’s get some maintenance done and see how this thing shakes out this might be a good timing but then that does affect the demand side on the scrap so while we may have be having supply issues um and I’m like you I talk to people all over the country hey what does your volume look like hey what’s going on and when I even say I’m

busy they’re like what are you talking about you know I mean but then I’m like I have to kind of clarify why I’m busy um then they’re like oh okay that makes sense us too right like we’re everybody’s on the slower side so that’s why I said at the beginning that this would be a really interesting Market because I feel like that Supply demand you know is really going to take you know become more of a uh a talking point than maybe in the past where there’s just always been really strong demand at least for the last couple years there’s been strong in demand um and on the scrap side the supplies that have been flowed but I think that this this is the month man this is the month where rubber meets the road there’s gonna be a lot of depend on your geography depending on what your meals what their positions are what their demand Outlook looks like um I think that’s that’s going to be a big one this will be an interesting month I guess to say the least yeah this these are the markets that are like you said

are gonna be very Regional and and fun and trade because either you don’t have a sale on that grade um or you you know there’s there could be a room for speculation uh with the UAW track you know UAW aspect and Prime scrap if you think that’s positive there’s a lot of different opportunities out there that that can lead you to uh who makes money in these markets like right now like this is my opinion brokers like that’s like brokerage houses make them they they do the because they they know the homes they know how to place material they know maybe where there’s pockets of demand and if they can figure out how to move it and they can understand the logistics like I feel like these markets right here are like can be dominated by brokerages like this is where they can really cut their teeth and make some money well the engines are going to know their their order books better than anybody else and they’re also going to be able to know okay who who does need scrap how quickly can we fill those holes and then push the rest of

the market down right I mean that’s just that’s what they they do best in these markets and God bless them exactly I mean and and they’re and and ultimately because it the all the markets are so disjointed like in a month like this like if they can take some cheap scrap over here the people they know people have got to move they know good maybe the cash flow isn’t super strong on the uh their cycler side but they know the steel mill X needs this material and they can put those two that make that match right that guy in the middle usually he’ll do pretty well in months like this and that’s a great that’s a great point but I want to hit on something you said earlier with my first chart here of the the Dow Jones so the Dow Jones is it’s it’s down on just a couple percent but but doesn’t it feel like you made the comment earlier about less scrap mean meaning less manufacturing doesn’t it feel like the economy like psychology wise is is more negative today than it was especially 60 days ago man I I I

feel that way to a certain extent um but you’re just watching these markets just you know that continue to to rip higher and it’s just I mean on a general theme basis right they’re gonna have your off days and and and whatnot but I mean we said this before I mean if you would have told me that the Dow was going to be at 35 I would have been like that’s crazy talk but I mean here we are I mean we’re not we’re brushing up against it every single day you know well to your points about certain markets ripping and I could argue this might be manipulated some by OPEC but but like you said crude oil it’s up uh just shy of five percent month of a month we went from 81 around 82 bucks to 86 bucks so that’s the purpose of OPEC was to manipulate the market I mean I don’t call me crazy but I feel like that was the whole reason like they’ll tell you that that the reason was um you know to kind of smooth out that that price and I’ll say yeah I mean you piss

on my leg and tell me it’s raining but I still feel like uh that’s that’s there to manipulate the price and keep the price elevated um for all you know obviously take out the covid anomaly and and whatnot I mean which that that’s just I mean crazy when you look at that chart but generally speaking they need 80 plus dollar oil um and and when they get it I mean their their goal isn’t to push it down that’s when you’re you’re watching the prices come up and then cutting you know cutting an output at the same time right like but I think if uh from a technical standpoint if you look at this chart you look left you know from 2011 to 2014 we kind of hung in this in you know 86 to 110 range you know I think I think that’s that’s where they want to want us to be they didn’t want us to get stuck in that range right and on a like you said on a U.S standpoint I think we uh consume around 20 000 barrels a day and we produce around 20 000 barrels a day

so we could in theory kind of Supply ourselves but the World Market’s a whole nother whole other game and with bricks you’re becoming more and more powerful or more and more more and more countries adding to that I think there’s there could be some interesting things that happen to this chart in the future well what’s your prediction I mean I mean when you look at and you bring up bricks and you bring up you know what’s what’s going on there and um what do you what do you see with the the future price of oil I think I think the demand’s real you know I think with EVs and all that approach I think we’re we’re seeing whether you’re Ford or rivion that’s not uh even though the like solar is cheaper today than oil right but the infrastructure of that is not cheaper today and the those materials of solar aren’t aren’t you know if we tripled the demand what would happen to those raw materials right and so there’s a lot of questions there and so I think I think this this is still going to be The Driver release for the

next few years or five years or maybe even 10 years so I think they gotta it’s really the bricks in my opinion is just another way to get away from the US the FED manipulating the dollar or using that as a financial War Tool uh but but on the oil front I think we are still a Petro oil uh trading dollar system and so there’s there’s got to be some some strength here otherwise unless the economy just completely melts and China completely melt like I don’t see how this we don’t stay at least above you know 70 bucks for for the near future so the other day I was riding with my boys in the in the truck and for some reason we were like got on this tangent and so full disclosure my wife’s been out of town for the last couple days so it’s been like a real like it’s been a real boy weekend right like we’re eating pizza like we went basketball shoe shopping like it’s just it’s full-on I mean you know they’re video games and we I took them to the gym like it’s just all dudes

weekend um so for some reason we got on this topic and this is where I feel like it’s relevant to this um and we got on the birth the world birth to death ratio because my one son was like do you know how many people are born every second and so I looked it up I’m like no I I don’t know how many people are born every second right so then we so I said let’s Google it let’s figure out what that is and so it’s for every thousand people born in the world an average of seven point for every thousand people in the world that die it’s it’s almost like a it’s almost a three to one ratio people that are being born to dying right so when I think about charts like this and that’s not obviously just the United States that’s on a world basis right so when you talk about um green and and green energy and and all that and when what is one of the cheapest forms of energy it’s coal it’s oil and so you have these third world second world countries they’re they don’t give two

fat shits about what’s good for the as far as from a CO2 carbon they’re trying to just eat they’re trying to just get any kind of power to their home I mean so when people talk about them they’re writing off oil and they’re writing off this and writing off that from a first world country perspective it’s easy to understand where you’re like Beyond abundant right you’ve got more oil than you can shake a stick at you can you can produce as much as you can consume you’ve got more money to make solar build windmill you know and you’ve got these second third world countries that are you know I posted a video a while back and burning tires to create energy right I mean they don’t give two fat shits about emissions I mean China just came out here like a month ago and basically said like we’re not gonna We’re not gonna follow along with that Net Zero commitment all right like we we have too many people that and too much going on economy that requires us to you know we can’t make that investment shell just came out and said we’re

we’re not going to do it right we don’t we’re not going to spend the money and so if the economy in general the world economy slows down you’re going to see less push towards these zero emission standards and commitments because people are going to be like hey we got to keep the lights on and and I feel like that that’s where Oil plays a part in it right when you start pushing that demand up because it’s one of the cheaper forms of energy that and coal and you know whatever else I think oil’s got a real chance and you saw that you see that 120 130 like I think we revisit that and in less than two years time right maybe a year like I feel like that that number can really push hard if you got enough demand from these other countries including us and say okay like we did we decided we need it we’re the electric car and the electrification of everything is not nearly as far along as we we thought it could be at this time so bring on the oil right those are all great points and if

you’re gonna you know if you’re playing the the bullish role in the the oil then I’ll play the bearish and so one thing I would agree that in the U.S it’s gonna be hard to go away from oil because we have so much infrastructure around oil right but like a country like India they’re not doubling down on on oil they’re double like they just built uh two new nuclear plants why it’s not because they’re pro-green it’s because it’s the they’re one their technology is better than what we have in the US and uh because we have innovated in the nuclear front U.S forever just too much regulation they’re they’re not there yet but so they’ve they’ve put in some nuclear plants that are more efficient and coal and uh they’re they’re better technology so it’s not as a as the us we can’t even like it’s like well maybe we should go help them do do nuclear well they’re they’re already doing it better than us and they’re because they don’t have that infrastructure right they’re starting from from zero and so they don’t have they thought they might not have

the like they infrastructure like you’re saying you say infrastructure like top up like you know ground up infrastructure but they also may not have the the oil in the ground as well to basically take advantage of right so there’s gonna be certain areas of the world that have that that have that Advantage whether it’s North America South America you know U.S Canada Russia some of these other you know um salary wherever like these these countries are that that were that were given you know it’s like naturally just because of geography they’ve got an inherent advantage on the oil side right and Russia is the number one supplier of oil to India and so I think to your point is I think you will see different I think like in new developing countries like India which is the fastest growing country I think you will see more nuclear and solar not because because I do think it actually makes dollars sense it’s on like cost per unit yeah but to your point like us Russia China we’re not we’re too far down the rabbit hole to unwind some of this at a rapid pace

and if and if your crude oil Futures are measured in dollars and you do get some downward pressure on the dollar and what’s that going to do the price yeah I mean do you think the price do you think that the dollar the value of the dollar is gonna it’s almost a bet your crude oil Futures is is almost a currency bet as well right at the end of the day our dollars are backed by by Petro right like so you’re you’re you’re you’re you’re it’s a currency bet as much as it is an oil bet all right we’ll get off the topic all right so let’s go then let’s go to the next chart here let’s talk about iron ore so we’re looking at iron ore this this chart is actually up uh around it was around 112 dollars now it’s around 118. uh five percent increase this is surprising to me because I felt like all the news about China was uh China’s gonna go in recession China’s not doing well I was surprised to see this this bike or maybe I’m just not not knowing some some Factor uh what what

are your thoughts here dude China’s gonna juice her economy I mean they have to right I mean they can sit there and say they don’t want to they can sit there and say they’re that every all the indications are on the wall right I mean every time you turn around oh we’re gonna cut the interest rates oh we’re gonna do this I mean every time the link lasts two weeks there’s been like four different things they’ve kind of like they’re just pecking at it right and then I feel like it’s not it’s gonna do whatever they do and I and I’m I’m not here to predict that I’m not smart enough to figure that out but the way that that economy is built it’s built off subsidizing the Private Industry not necessarily the private individual I think you and I have had this conversation before but the the industry is big on subsidy and if they go through and start subsidizing industry in a heavy-handed way like they have in the past then I could see this number you know gaining some steam as well that’s it’s great insight and I think it’ll

be interesting to keep an eye on that chart here in the future on on the iron ore front what impacts that you know pig iron pricing and and so this one was surprising to me it feels like Prime has got a lot of pressure uh coming into September and pig iron actually month over month is up is around 4 27 428 um now it’s around 4 40. so what are your thoughts here you know I I don’t have a lot of a lot of you know knowledge on on this one it’s not an i something I deal with very often or I mean at all so I’m more lean on Smart guys like you for the information on this well I think uh you know if you see big movements in pig iron typically you’re gonna you’re gonna see uh Prime swallow so look could you one could argue that you know that you know 440 pig iron and in the prime prime scrap should be below that and so I I get both points but it is surprising that that through as they gain liquidity over the last month in that grade that

the pricing actually creeped up about you know 10. so the point or question to that point is let’s say the UAW does go um and let’s say they do hold out and they say they do strike do and which then essentially means there will be less Prime scrap available from stamping plants and whatever else right then does that like Prime scrap value come up and drag pig iron with it or just pig iron keep a lid on it yeah that’s it that’s a great question but one thing I know for sure is UAW strike is going to impact Hot Roll demand quite a bit and we already seen it go from five to six weeks to four to five so I feel like these steel mills but they already have some scheduled outages that we discussed earlier if they go on strike I don’t see any I don’t see any big reasoning to jump out there and and the lead times just don’t justify chasing a bad cell that makes sense and we can we can see that so here’s um here’s the hot roll pricing in the I mean it I just think

it’s crazy we look at we’re close to two thousand dollars a coil no now we’re at 7 18 month over month this we’re down we’re down around 12 13 821 to 7 18. this is the Futures market so it doesn’t look like we’re gonna get support when you look to the chart to the left until we get around that you know 650 um low set high low 700 Mark what do you what are your thoughts you know it feels like it’s it’s gonna go this goes this one is the ultimate Supply Demand right like like so like I feel like that there’s more to there’s more Supply coming on the market I mean we’ve talked about this in the amount of steel mills they’re supposed to hit you know what in the next three years to five years I mean so more Supply is going to become available um but I also feel like this this is a product of a of a strong dollar as well right and I don’t know what the I have to go back through and see what the exact import numbers look like but um if if the

dollar is strong and you can import you know hot rolled coil at significantly cheaper and the more and goes back to the margins the steel mills have had for you know a couple of years now I mean big margins um big record-breaking you know years all right let’s move on let’s move on right but I mean at some point like everybody there’s there’s two sides of the knife you know I think it’s that’s that’s part of it so is it probably a product of the you know Bay on this Market’s also a product of being on the strength of the dollar as well um and the supply coming you know and really the demand needed just to to sustain that that price all right well well negative Point number four is that the Futures Market on Hot Roll doesn’t look all that promising either for for the next couple quarters so it’s not like anybody’s saying no we’re at the bottom and things are really going to ratchet like the Futures Market would would indicate that it’s we’re going to be down here for for a little while and I’ve been holding my

my guys off on uh on buying buying pie which is primarily you know made out of cold roll um also you know but I did it at the end of the day that the charts are similar um and I’ve just been saying Hold the Line boys like the price is going the direction we prefer it on the buy side you know like it’s going down so there’s no point to load up on inventory at today’s price if I could feel like I could buy a cheaper in the future but it doesn’t bode well on the scrap side because you know a lower coil price is going to be a lower scrap price well I think that’s like the biggest lesson I’ve learned and I still don’t obey my own rules but like the trend is your friend right yes and you’re going to be much better the weight to that Trend breaks and then by versus trying to pick the bottom right and so I I bought Disney stock recently and just try thinking oh it’s got to be close to the bottom and boy it’s done very much and then downward Trend that’s

all another show all right let’s talk about that I gotta go there on this show that’s a whole nother show all right so I I we talked about the overall economy being slower I feel like Dr copper is Dr copper for a reason we’re down we were at 399 at the beginning of the month now we’re at 380. what are you what are your thoughts here man I just was reading an article um that how Saul sent me um this morning and he was talking about you know the demand on copper may not be like what everybody’s predicting it to be and he and this is more like a 2025 like article right like what is the demand side look like everybody’s predicting these crazy you know demand and supply issues um thinking the price of copper could really go crazy but in the short short term you know I feel it’s very dependent on like how people’s General sentiment is about the economy the domestic economy and then how’s what does China look like China is the big dog in this picture too right I mean consuming 40 to 50 of the world’s

copper depending on what you know what article or what what you what you believe but I generally it’s 40 plus maybe up to 60 right um and so going back to you know the the birth death ratio I mean I truly believe that copper in the long run I mean isn’t this it’s a necessary part of growing or building whether you’re putting the nuclear or whether you’re putting in whatever like your ability to Electrify bring people light bring people power to their buildings bring people proud of their house whatever it is like as you build your economy like copper is an absolute necessity you know whether they’re able to subsidize that need with aluminum wire and whatever else like well that was kind of where this article was talking about how the new versions of Tesla have been able to basically reduce the copper percentage in these cars by like 75 percent right in the even now in the coil form but like they’re still going to be a need for copper and I think that this price in the short term is going to be driven by does China juice their economy hard

or do they just kind of keep packing them pecking away at it and if they just Peck away at it I don’t see the the need for this number to just rip higher um you know I’ve made a bet with Nick you know for our recycled Idaho podcast that we’d see four dollars in uh August um and we didn’t quite get there so we got like 385 or something and then we uh put it out yeah I mean I think in the short term this one’s this I think it’s there’s potential there for it to have some legs you know I mean I’m not saying you’re gonna go to five but I mean I wouldn’t be shocked to see four if um China loosens up the their economy because I mean that that this Market is heavily determined by Futures markets and trading and you know I think that’s just my opinion I love it I think it’s great uh a great Insight I mean we’re talking about the overall economy and and how how we run the scrap business what are your what are your thoughts on on shred feed this this chart’s

actually up a little bit which I’ve I think it’s interesting obviously we’ve seen heavy metal and turnings go up last month but shredded stayed the same and so it’s just it’s just to me this is indication of more more subscribe guys chasing a smaller pie what are your thoughts yeah and then I if you put this chart next to like the Zorba and all your Downstream chart like you know aluminum aluminum has just been has been getting crushed the last two months right three months really um obviously with copper you know hanging around you know that below four dollars that that plays a role in this chart because what like we talk about like the steel you know the The Shred the shredder feed I mean there is a lot that gets calculated into that on the downstream side that maybe at one point in the you know in the past it wasn’t as big of a as big of a deal but nowadays like they’re you know this is urban number the the twitch number the the copper price like all that stuff’s all getting calculated in as these shredders get more technical

technologically advanced and their ability to pull Downstream which then that’s what gives them those levers to push and pull that that feed market right so if you were uh a mid-sized a smaller scrap yard I mean is this do you chase the margin compression or do you just say hey I’m gonna get in where I get in I’m gonna try to maintain my margin what are your thoughts if you’re a if you’re a shredder operator no I’m saying if you’re like a let’s say you’re you’re you know you’re doing a couple thousand tons of shred feet a month small yard yeah you know what where would you do What’s um you know I don’t know that’s a great question I I feel like this Market’s probably fairly well balanced today just because of the um lack of Supply I mean not a lot of like I mean you’re gonna have just you know you’re gonna have a certain amount of turnover on the auto body front um you know Car Crushing and you know the you know appliances but I think as the consumer feels more financial pressure you’re gonna have less turnover

of appliances you have less turnover of white goods you’re going to have less turnover of uh you know people replacing their cars so I think you determine your your consumption based on how strong you feel like the consumer is to a certain extent because that’s where your biggest um supply of shred feed comes from right well it’s going to have to be a balance you know you think about you know if you’re off 30 40 and you bought all this equipment to try to process it in higher times then that’s I feel like now is the time to react like don’t wait like like Get Right Size now I wouldn’t I wouldn’t be thinking like oh we’re going to go right back in 2021 like I I think we’re the future could I mean if you’re a betting man and where the Steel’s been cyclical forever we would say we’ve had some good years and now we’re going to go into those periods where it’s not so much fun so I would yeah I just think it’s what was invicted of the last you know 18 months of flows isn’t going to be forever

and so I just feel like no no it I always say it’s like it’s very like all the low hanging fruit will get picked and be picked and then at the only the only stuff left is that that’s hard to get to right yeah and then you know whatever little bit trickles in but I I 100 agree you can’t you can’t build your business model off of what your ebitda looked like in 21 and 22. like you’re you’re you should be you should be projecting to the Future and figuring out you know where your advantages are your disadvantages are but you can’t build it off of flow um of the last two years I feel like that’s an anomaly and I hope everybody did well off of that and they took advantage um but you if you’re building your business off of that type of flow then I feel like you’re setting yourself up for disaster yeah yeah I think people are going to get Innovative on the on the value side how how are they going to go out and get scrap not just hey I paid this price and it came in

the door exactly all right last chart my man we got the heavy metal 80 20 turkey I was pretty well I felt like turkey the last uh last week has said hey we’re going to at least compete on on the U.S levels which was good it took some East Coast volume off off the coast which is good we talked about the strong dollar still much in in play here we’re up around six seven bucks or six uh was it six percent six seven percent we were at 357 now we’re on 381. so really a jump back up to to Us levels but I think heavy mountain in uh turning is might this this definitely helps the the cause for those grades yeah and I’ve always been a big proponent of having two people at the auction man and we need that’s the hard part about having a strong dollar is a song dollar limit limits the participation of the export market right and so we become very domestic Market driven like you said the pro the ability or the willingness of of turkey to take their price up and take those tons off

the coasts that relieves a lot of pressure for people even in the midwest right like I mean you take those tons that normally would say flood in even off the east coast because they need a good home well that puts a lot of pressure on you know the recycling companies in the Midwest and and that if and if the Asian market is strong then that takes tons off the the West Coast right and maybe out of the South and I think those those factors I mean so it’s hard to predict and hard to determine the future off of you know there’s so many like like extenuating circumstances that will play a role in that in what the domestic price looks like and turkey’s a big player just because of their ability to take volume out of a maybe an already tightly supplied market right so if you’re already in a tightly supplied market and you’ve got a country that has the ability to take tons out and if they can take tons out then that’s a good thing for you know for everybody so I’m I’m all for it I mean I’d like to

see that turkey price at like 450 just so I could see just so I could get the ability to move more tons here internally right absolutely wonderful well we covered all the charts I think we uh had a good case for the bull good case for the bear we nailed it I love it man well always good talking to you and uh I think we’re setting us setting ourselves up for a while the 24 I mean with the election year coming I mean it’s it’s uh it’s so hard to predict I’m like I’m not in the prediction you know business every once in a while I’ll throw something out there but I’m just guessing like the rest you know yeah I don’t anybody that knows that that knows what that is let’s say good at predicting or let’s just say as you know more right than they are wrong it’s probably doing a lot better financially than me on the next call let’s talk about Disney stock in the election does that sound good dad that’s all like I said take care have a great uh rest your Labor Day