all right another metal monday with my main man brett how you doing doing good man just uh getting ready i’ve seen you pull up that uh red copper comex it looks a little bit rough this morning it’s coming five five and a half right now but it was down what almost eight yeah this morning so take it with a grain of salt you know some other markets you know i just just so everyone knows like anyone can get these apps like it’s kitko metals gives you a rough idea you’re just looking at you’re just kind of trying to give yourself an idea of what the general market is yeah and not necessarily trading off that number you’re just trying if you just want to see what the market looks like just go to the app store and download the app and you can kind of get a rough idea of you know kind of how we track it you know yeah every it’s in my routine every single morning early in the morning it’s about the first thing i open is to see what i’m getting ready for sometimes i look at it

like i’m like looking at a car wreck like oh yeah what’s this thing going to look like then sometimes i look at them like oh okay this is good good news but on on so last week we had a really good run though and copper got to 440 i mean we’re still in the 430s for for copper we’re still sitting good yep aluminum looks strong aluminum very strong nickel very strong yep um platinum palladium are still kind of up and down real volatile rhodium’s had a real good run you know which is going to help some of our converter prices for our converter customers yeah if you notice your converter pricing i mean obviously palladium had a decent run last week platinum’s starting to come off but if rhodium jumps a couple thousand bucks an ounce um but a platinum comes off 50 your converter price on most of your converters actually is going to go up yeah because that rhodium number when it gets strong like that that’s really what drove the pricing last year like in the middle of the year that we got to 28 june july like when rhodium hit

28 000 i mean the price of converters when that thing was really rocking obviously at that time palladium was 27 28. platinum but but platinum at that time was like still still around a thousand like it wasn’t crazy it was close to where it is today but platinum is just the most commonly known metal that people kind of forget how hard rhodium drives that price well last week we didn’t have our fairest numbers you get those knocked out this week it looks like they are weaker than anticipated okay so i think that uh i don’t i mean i don’t 100 know the deal i know the export pricing has come down which then allows the domestic steel mills to take some gas out of it um lead times are shrinking i did a podcast with my buddy chad eller brock who kind of we talked through the bull and bear case scenario the bear case scenario was a little bit stronger than i anticipated being but he’s pretty spot on as far as you know him talking the market down anywhere from 20 to 50 60 depending on your region um the midwest they

really are taking it down um midwest dwight down 50 60. yeah some areas for sure depends on the grade especially on primes um you know on the cut grade stuff it’s not as hard but definitely coming down i i think that people are anticipating february to maybe be similar maybe not as big of a movement but if they take it too hard down in january and it really stops the flow you know my big my big concern is if you if you swing the price down real hard and right now logistics is an absolute mess across the board right you know and weather doesn’t help that cause but it really comes back down to supply demand if if if the steel mills feel like they’re good inventory wise then they’re going to try and drag it down but every steel mill i talked to the order books are still fairly strong so if that’s the case then at some point something’s got to give but if people sell into this market and they they take the 50 60 hit whatever 20 hit 30 hit depend on the grade then you know there that mark

that price could still continue to move down into february did he tell you why really like it’s just a it’s just a uh you know the ability to do it um you know the price of hot roll coils came off so you know the steel mills are running historical margins right now and there’s still a lot of room in there so the price of hot roll coil can still come off 20 percent and they still have a pretty fat margin on on the scrap side well if you go and take the scrap down you know 10 percent you know i mean they’re only having to give up 10 of that 20. you know and it’s just kind of uh you know it just depends i mean i don’t know i it which i say 10 out of 20 but really realistically that’s maybe like five at the 20 that comes down so um that and export pricing is is you know shitty turkey turkeys you know the lyria got smashed at the end of the year last year so china is pretty much non-existent because they’re trying to you know kind of keep

stuff at bay get through the olympics that’s going to be the real telltale sign in my book is does china go at it once the olympics are done and really kind of try and put some uh liquidity back into this market and drive you know drive their economy so we might be kind of sitting in limbo until you know towards the end of summer then yeah yeah realistically i mean we could be looking at a march market okay you know unless they you know unless there’s a lot of pushback from scrap you know recyclers going into february and and the and this and the order books are there then something’s got to give right logistically trucking is screwed up um i mean we know that we’re in the trucking you know industry in the northwest and east coast i mean there’s a lot of you know winter storms that are just creating havoc already on top of a tight tight logistics market right and so it’s going to be an inventory you know slash supply deal that’s going to only that should that could buoy the market okay well everyone just stay tuned and

we’ll keep everyone filled in when we know more all right have a great day great week see you next monday thanks everybody