Metal Monday #22 with Nick and Brett, May 31, 2021

Tune in for this week’s metals market update with Nick and Brett!

Transcription

all right how you doing brett well good man yourself doing well we are here for uh metal monday on a tuesday and june we are into june we’re almost halfway done with the year already it’s pretty crazy actually so we got one more month to be halfway we were talking about that earlier so yeah almost we’re getting there we’re winding we’re winding uh the halfway point down yep yep the second half is as good as the first exactly so we still thinking june’s gonna have some up ferris for everybody i think so i think you know the early estimates were pretty high i’m thinking that you know we’ll see where it ends up but i think there’s still a good bump in in june to be had um we’re just kind of trying to see where where where it plays itself out i haven’t heard any numbers obviously it’s the first day yeah a month and it’s a short it’s a short week so i would assume people will kind of want to get things going but if not then i guess we’ll just play the game and wait and see what happens yeah

hopefully we get some firm numbers by next monday that way we can share that with everybody you know we saw copper come off i mean we were getting 380 or 480 numbers and saw that come off but really kind of leveled out and you know hanging around that 460 this morning it was like all the way around 470. yeah i hit bumped up to 470 um then it kind of tailed off toward the end of the day but still i mean 465 copper dude there’s nothing to sneeze about um i do think that you know i still think there’s a little bit more run in it um i think uh you know all the base metals kind of hung around the precious metals were up a little bit today so that’s always good but it seemed like everything kind of tailed off toward the end toward the end of the day gotcha and like you handed on like the pgms they they really kind of leveled out too you saw rhodium really take some big hits last week last week took some big hits you saw it down like well like i think i

saw it down 3 000 in one day yeah i think it went down to like 16 but i do think that it’s i mean what i said i was like 22-5 today so yeah i think that the only reason that that was that way was i mean it came out that whole deal when china was kind of trying to take some liquidity out of the market and kind of de-juice it a little bit um that was when you saw the big hits come out because i mean rhodium’s been on a hellacious run this year yeah so i mean i it doesn’t surprise me to see it back off a little bit but you’re starting to see it climb again so um i still feel pretty confident that that that material especially is going to hang around you know the higher side of the 20 thousands once it gets got you what’s your uh projections i know it’s hard to go into this like i’ve talked to a lot of people thinking it’s gonna come like winter come come fall they’re gonna you’ll see ferris take a big drop you you project that

we hang tight all year i know it’s so hard to judge but just your gut like what’s your gut say for the next six that says it’s gonna be a good year yeah i think the only you gotta judge it by what the steel mill capacity is and what they’re running at um i think that scrap flow is i think it’ll be decent in june but you know like i know when we get started hitting the end of june july august over here it’s hot man and that flow i don’t care what the price is the price is going to be real high for it to get real crazy um but i think that i think it’s going to be a strong i think we’ll have a strong 20 22 or 20 21 for sure i don’t i don’t see and going into 22 i think will be strong as well unless something crazy happens um but the export markets have held pretty strong which was what we need for good domestic scrap pricing new steel prices they’re not lower in those i mean i think all of every everybody that makes rebar jumped

rebar 40 bucks last week um you’ve seen like the hot roll cold roll coil prices go bananas um on our pipe business they’re having trouble getting the steel to make the coil to make the pipe so i mean it’s shortages it’s it’s and the steel mills are still running at a pretty good clip the only caveat being that they they’re getting the scrap they need for now um at a pretty reasonable price but just like anything at some point the supply dries up yeah and that’s what i feel from everyone i talk to like even like all the electricians we talked to they can’t get copper you know yeah but like just that right there like that’s where you you feel like we really will get to i feel like we’ll get to a five dollar copper you know this summer even i still i still believe we’ll get five dollar copper yeah i think we’ll have a favorite on that five dollar copper i think everything else will kind of follow suit too and i think i think we’ll have a good year all the way into 2022 you know until we start

to see some you know market corrections and that will happen and obviously it’s so hard to look a year in advance but it’s something we can talk you need corrections that’s what that’s a more of a healthy market if you get a correction here and there yeah i think that’s it that’s not that’s not a bad thing yeah exactly all right well we’ll see everybody else in a week all right man talk to you there thanks