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Posted: 5/11/2004 9:36:07 AM EST
was reading abotu the 300% increase in scrap steel prices in the past year. mostly due to exports. also noticed many of the junkyards in my seem to be clearing out a lot more vehicles than is typical. are they related? i tried a web search, but am just not finding any good info on the recycling industry.
Link Posted: 5/11/2004 9:36:54 AM EST
Link Posted: 5/11/2004 9:41:01 AM EST
East Asia is gobbling it up.

Just look at the Japanese steel industry gutting our own over the last 25+ yrs - JAPAN HAS LITTLE / NO COAL OR IRON ORE. Where do you think they get the raw materials? Scrap steel is imported, melted, adjusted, and sold back to us, all at prices that undercut our domestic producers.
Link Posted: 5/11/2004 9:43:11 AM EST
Didn't something like this happen @ 70 years ago?
Link Posted: 5/11/2004 9:43:28 AM EST
I can't seem to find it, but there was a huge story in the NY Times on this subject. The PRC is in a huge building boom, and that is causing scrape iron prices in the USA to reach an all time high, and it is also causing shortage of scrape iron related products such as re-bars for construction. The USA mfg'rs just can't make them fast enough.
Link Posted: 5/11/2004 9:45:15 AM EST

Originally Posted By warlord:
I can't seem to find it, but there was a huge story in the NY Times on this subject. The PRC is in a huge building boom, and that is causing scrape iron prices in the USA to reach an all time high, and it is also causing shortage of scrape iron related products such as re-bars for construction. The USA mfg'rs just can't make them fast enough.



REVERSE china trade issues...

They need our steel, we need their cheap crap...
Link Posted: 5/11/2004 9:50:58 AM EST
China is having a domestic goods boom (manufactured goods like cars and refrigerators bought by locals not exported) and they also build residential housing with steel and cement, not wood.

GunLvr
Link Posted: 5/11/2004 9:54:46 AM EST
Demand from China. They're demanding huge quantities of cement, too.
Link Posted: 5/11/2004 10:05:14 AM EST
[Last Edit: 5/11/2004 10:07:53 AM EST by danonly]
basically anything a scrap yard collects.

by the way, this increase in prices has driven schnitzer steels stock to almost double its normal price sorry- in one year the stock has gone from a low of 8 to over 24. that is more like tripled, not double.

www.schnitzersteel.com/index.asp
Link Posted: 5/11/2004 10:06:01 AM EST

Originally Posted By ChrisS:
Didn't something like this happen @ 70 years ago?



Can anyone say: Pre WWII Japan?
Link Posted: 5/11/2004 10:25:01 AM EST
I can also tell you that anything made with a lot of steel, such as heavy equipment, etc. is also going up, up, up in price very soon.
Link Posted: 5/11/2004 10:32:05 AM EST
[Last Edit: 5/11/2004 10:33:09 AM EST by torstin]

Originally Posted By ikor:
I can also tell you that anything made with a lot of steel, such as heavy equipment, etc. is also going up, up, up in price very soon.



i had read somewhere that scrap steel prices are used by some as an inflation indicator. should be interesting to see how this plays out. haven't heard much at all about it in the main stream media.

btw, hope you were able to get in on that stock danonly.
Link Posted: 5/11/2004 10:32:10 AM EST
ikor: How about guns? They are made with a lot of steel.
Link Posted: 5/11/2004 10:34:40 AM EST
I just bought some conduit, steel boxes and fittings last weekend for a home project. It was over twice the price from the last time I bought any. The guy at the supply house said it was due to Chinese buying up all the scrap they can get there hands on. It is driving up the price of everything else.
Link Posted: 5/11/2004 10:34:41 AM EST

Originally Posted By warlord:
ikor: How about guns? They are made with a lot of steel.


As are tanks.....
Link Posted: 5/11/2004 10:43:26 AM EST
Copper building wire prices have risen approx 80% in the past 6 months.
Link Posted: 5/11/2004 11:39:04 AM EST
I've got a buddy (pighelmet) who has been watching this, it's not just steel thats in demand, Aluminum is too. I think something is up, China has always needed raw materials, why the big push now?

Personally, I don't think the massive US interest in Iraq and Afghanistan has been lost on the Chicoms...

Dave
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