| 1234 - 8/25/2015 19:38
It has been my experience that just about the time the experts get around to declaring a trend it's already over and ready to go back the other way. A year ago scrap iron was still bringing $240/ton, today it's $80. My farm scrap pile is just going to sit there for awhile. I stopped to pick up some welding gas at a local garage. The owner was vociferously complaining about the price of scrap as well and his pile being in his way. He ended his rant by saying, " I hate to look at it but until the price back up it's not moving." A year ago you couldn't walk across the road without dodging the scrap iron trucks, today you're lucky to see one all day. I would guess that things are pretty slow at the local steel mill ( I do see the occasional flatbed trailer hauling new steel).
For what it's worth.
+1. The spec money goes both ways... how much lower until some start seeing opportunities to make money on the way up? Hearing now about how everything is going at least 1 buck or 2 lower than it is now is just as ridiculous as when people were saying corn's going to $9 when it was at $7. Sure, it's possible, but farmer and spec trader alike can also make money going bearish on this market if they really think it's going down... me I'm thinking there's more chance for upward movement within the next year. As always, time will tell. |
This says ALOT
