all right welcome everybody last metal monday of february tomorrow we got march on our hills what is what’s the verdict what do you think march bringing i think it’ll be up month um up for ferris up for ferris i mean you saw non-ferrous this morning started out pretty strong it’s kind of it seems like this is what happened like last thursday i think um everything started ripping out the gate and then ended up being a down day um friday was kind of a down day this morning it was up pretty big and it’s starting to back off a little bit but there’s just so many like outside factors of everything going on within russia and russia and you know everybody’s trying to guess which way the commodities especially specific commodities like palladium nickel aluminum you know oil like those ones are big big you know movers anytime there’s you know ukraine russia discussions those you know you’re seeing those commands are all those commodities in both those countries you know it’s mostly russia and they’re worried about sanctions yeah but the ferris um the ferris markets are kind of in play just

because ukraine russia are big you know steel consumers but also like billet exporters also big and pig iron okay big iron exporters so they you know russia produces and ukraine for that matter produce a fair amount of plate for the united states okay so and for other countries so they’re doing a lot of buying and selling at ferris there’s a lot of commodities yeah both those countries are very you know very involved in the commodities business so that’s why we’re seeing it on our end some big swings big fluctuations um people concerned about where the markets are gonna go up or down you know i mean nobody’s trying to get you know too far over their skis right now it feels like what is pig iron he explained that to everybody it’s used for the steel making process so it’s basically like um you have eaf furnaces and you have blast furnaces um eaf furnaces are big scrap consumers versus like your old-school blast furnaces consume more pig iron which is a you know dirtier process which is why you’re seeing like in the u.s more eaf furnaces come online which is

good for the scrap business in the long run because they are big scrap consumers like hms one and two your bundles you know your primes they burn a little cleaner so they’re they’re good for the industry in the long run but pig iron has just been around for so long i mean a lot of these old school you know big big steel mills i mean they’re big big iron consumers so is that pig iron not scrap related no it is scrap related because at some point your scrap gets so expensive that it can substitute a steel milk and substitute pig iron okay for and and create more margin right so it’s really if the price of pig iron is going up then generally speaking that’s good for the price of scrap because it can’t be substituted as easily right okay it’s so it’s kind of so the price of scraps up here and pig irons here people are going to see a little substitute right okay so or vice versa right so if there’s a pig iron shooting through the roof because of say extenuating circumstances with ukraine and russia then that’s going to

naturally drive the price of scrap because you know there’s that substitution doesn’t really exist gotcha well to copper i mean we’ve been floating around that 450 mark a little bit under today yep and like you said a lot a lot of times late at night early early in the morning it looks up and then it chills off it tells off trends down um nickel still a crazy strong almost to 12 bucks yeah you know call me when it gets to 20. okay like the reason i say like the reason i say is people are like oh 11 and it is 11 20 11 40 is strong but it was there it was about 20 years old 5.06 we saw it get to 22. you know where was it in 12 i didn’t pay as much it was up but not nearly that no no no i have to go back and look i’m not a thousand percent sure because i remember how much stronger that market was forever yeah we could pay that was because the ferris market was really strong now okay it was it was driven as much by ferris as

anything gotcha aluminum continues to be strong you know north of 150 yeah lme yeah um zinc and lead you know leads strong we did and that’s the main player in the main commodity and lead acid batteries correct however the lead acid battery price is not very good can you guys because it’s it’s a export opportunity right like off the west coast for us it’s hard i mean containers are getting harder and harder to get right so it basically hurts the our ability to export batteries you know i mean there are domestic companies that buy them but just like we always said with domestic steel mills right they’re not going to overpay you just because the market says it should be higher like if they don’t if they’re not going to compete with anybody then there’s they’re going to price it to where they can buy it and make good money and that’s what you’re seeing on the lead acid battery side is you’re getting you know they’re going to buy it but they’re not going to overpay you for it when it’s the best is when the export market is strong and when the

export opportunities are there when the container shipping makes sense and it’s right now that’s not that that doesn’t hold true so you’re getting basically what you had in ferris you know the last few years that makes a lot of sense i mean we need both sides to be able to compete for it and yeah when one side isn’t in the playing the game you know just because of other circumstances you know that’s why you see that price getting beat up so much because i get that question question a lot right now is yeah like why is my battery price so shitty i’m like well it’s because our battery price is that yeah a lot of people i don’t think believe me because all the other commodities are like yeah so well it goes back to like ultimately if your price isn’t moving up and down you’re not getting paid the right price either getting overpaid or underpaid or whatever that case may be at the time most likely underpaid um nine out of ten times underpaid or if you’re getting overpaid like that company you’re dealing with will get their money back eventually exactly

so so you you want to see your price move up and down you want to see it fluctuate you know nobody likes big swings nobody likes big ups and big downs and because there is some level of consistency that people appreciate but also your numbers should be moving with the market to a certain extent all right well next week we’ll have a little more clarity on where ferris lands and we’ll keep everybody in the loop all right have a great day thanks