Metal Monday #31 with Nick and Brett

September 28th, 2020: Watch us this week as we discuss the market's downward trend since our last Metal Monday. We're also getting a feel for where the trends for ferrous and PGMs are going as we fall into October.

Transcription

welcome everybody we are here on another metal monday how you doing brett doing good bud just we’re just talking about the weekend and how crazy it gets sometimes it gets busy but i wouldn’t trade for the world man you know busy with family and friends and you know i just you know i love it as much as i love working here it’s a lot of people i don’t think really buy that on our culture but i think most of us i like that oh yeah that way i agree yeah i mean i’m as happy as i am to see um saturday roll around get some good uh football games in i’m just happy to see monday come around and be like all right let’s see what we can get done this week same here so last monday we started to see that copper saw the pgms everything kind of take a tumble yeah um and it really just kept kind of going down yeah yeah i did it was like a waterfall yeah and today it looks a lot better though i mean on the precious metal side i mean nothing nothing to

copper still amazing on the penny or so you know or in mid afternoon at least you know yeah nothing too amazing on the on the base metal side but i think the precious metals i mean you saw a good balance the last time i checked was i mean i think platinum was close to up 40 bucks and platinum was sitting right on up 70 68 something like that so you know which obviously we talked about that just as much we talked about the base smells it’s integral what we do but the fair side we’re going to know a little bit more hopefully the end of this week early next what the demand situation looks like i’m i’m anticipating a positive market um i’m anticipating the demand is still going to be there just because the price of new steel seems to be seems to keep coming up yeah so as long as the export’s there then i think the domestic demand is there so you follow the new still you follow some of that for our pipe businesses correct i’d imagine um do those typically do you see like your rebar price or your

your other new still do you see the scrap typically follow it or is there some time yeah that’s a lag okay there’s and there’s sometimes when the price of new steel is is high and they’re just they can’t really garner a good scrap scrap price just because the either the export market isn’t there they don’t feel like they have to pay they open up the margins or the export market is there so there’s there’s more of a lock-step move with new steel and scrap we pay attention to the cold rule the cold roll the the hot you know the hot roll the galvanized price just because we buy a lot of steel so that’s always kind of in the back of my mind like where’s the new steel price going and then just kind of seeing the trends on the on the scrap side and on the scrap side we saw like we talked about earlier all the base metals going to take a tumble is part of that because the dollar is getting stronger around here it was last week they say that’s kind of the big reason that the markets are

up today at least on the precious metal side is that the dollars came off this morning obviously the europe and the asian markets were up last night and that helped our cause here but the dollar also weakened overnight and that’s what’s pushed the those metals up so next metal monday hopefully we got an idea where our october ferris price is we should have a pretty good feel whether it’s you know whether it’s going to be up down or sideways but i feel like the demand is there um these people still need the material so i’m i’m feeling fairly positive about um october well we’ll wait and see all right man take care