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Implement Alley Discussion Forum

Daily Rant, Steel Prices

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kyhayman

02-17-2004 17:04:47




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I posted a couple of questions below about some shop projects for my down time, called today to order my steel (and to restock at the shop). I knew steel had been up with the tariff on imports but figured that the price should be coming down with the border open. 'SILLY ME' local supplier said it went up 10% today on top of a 10% increase first of the month and going to go up 5% next week (at least.) He sold me new old stock for the old price but the new stuff was the new price. 4" C channel up to $3.17 a foot, new old stock 2x4 square tubing was still at 3.08 a foot, but I got all he had. He showed me a letter from his supplier, seems they are blaming China. It said we had been getting coke from them during the import ban, now that the border is open they are not selling coke, using it at home.

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Bob Jarvis

03-02-2004 10:04:02




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 Re: Daily Rant, Steel Prices in reply to kyhayman, 02-17-2004 17:04:47  
I work at a steel company. As of yesterday the lead time for steel bars is up to 140 days, which is completely unheard of. Demand is through the roof right now, tariffs/open borders/scrap crises/etc be damned. Prices are also sky high, largely because the Chinese are buying up every pound of scrap they can get their hands on; thus there's a shortage of scrap metal, which is what most steel is made from nowadays. (Yesterday's baler is tomorrows plow :-). Frankly, I think the Chinese are trying to corner the world market for steel scrap and freeze out the competition (there's nothing in those wonderful trade agreements to stop them, because who'd think anyone would want to buy up all the world's scrap steel?). Anyways, steel is expensive right now, and will probably be that way for a while.

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PAMike

02-22-2004 07:43:29




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 Re: Daily Rant, Steel Prices in reply to kyhayman, 02-17-2004 17:04:47  
The problem is we have been spoiled by steel prices the last few years. My father keeps a log of all the steel he buys for his company. About a year a half ago the steel prices were the lowest they have been in the thirty years he has been running the company. With the economy picking up the demand rises, so the price also rises. The bigger issue here is what happens when the scrape becomes hard to find. When the steel prices were low a lot of mills went out of business because they couldnt produce steel from ore for the same price that mills were producing steel from scrape. Now that the demand for steel has increased most all of it is coming from melted down scrape. When that scrape gets hard to find prices will really go up.

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Mike

02-19-2004 15:17:54




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 Re: Daily Rant, Steel Prices in reply to kyhayman, 02-17-2004 17:04:47  
This just goes to show all of you who were whining about jobs going overseas. Now you are paying the higher price for steel made in the US and are still whining.You don't want the jobs to go overseas,and you want US made products at cheap prices, you can have one or the other,but not both.



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John in IN

02-18-2004 15:29:47




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 Re: Daily Rant, Steel Prices in reply to kyhayman, 02-17-2004 17:04:47  
Think of all those companies using steel with long term contracts with price controls. I wouldn't want to have any contracts with the Big 3 right now. Heard from a supplier they ain't gettin it. Small companies and the consumer are going to take the hit on this.



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david stephenson

02-18-2004 12:20:51




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 Re: Daily Rant, Steel Prices in reply to kyhayman, 02-17-2004 17:04:47  
new steel prices are crazy while scrap prices are still down, i work for a steel supplier and they say we have to duemore work with less peoplke and are still not making any money. i quite cutting up scrap when i could only get 30dollars for athree ton truck load at the scrap yard here. the co says it due to a mill burning up out east but it the green bill the big people see and not for the workers.

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Scott

02-18-2004 08:18:02




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 Re: Daily Rant, Steel Prices in reply to kyhayman, 02-17-2004 17:04:47  
I'm a mfg rep by trade. My word is that even though the terriff has been lifted, over seas steel mills have become backlogged. This puts a greater demand on steel here in the US, so the price went up. I have MFG that are raising my costs by 7%...even after the MAJOR 12 - 15% increase from the terriff taking effect.

Even stainless has gone up. The price of nickle has gone up over 300% in the last year alone. Previously, it was prety steady. Now I'm getting hit on that end too.

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Chip S.

02-18-2004 08:06:20




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 Re: Daily Rant, Steel Prices in reply to kyhayman, 02-17-2004 17:04:47  
Take a look at the stock prices of the steel companies lately. Leading the market rise. Don't believe all that China bull$%*^. Somebody's making a ton of cash off of it here at home. And if Iraq's getting so much steel and plywood, and the contracts were no-bid, sure must be sweet to be one of Mr. Bush's friends.



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Scott in VA

02-19-2004 07:14:45




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 Re: Re: Daily Rant, Steel Prices in reply to Chip S., 02-18-2004 08:06:20  
No Kidding!!! I think we'd pale if we realized how some people were attracting the money.

As for China, their success is due largely to our appetite for $2.99 socket sets and our willingness to buy junk to get a good price.



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Chip S.

02-20-2004 06:49:24




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 Re: Re: Re: Daily Rant, Steel Prices in reply to Scott in VA, 02-19-2004 07:14:45  
I farm for a living, so it's not like I'm rolling in the dough. For some tools, pricier quality is the only way to go. But take a 3/4" drive socket set for example. It wouldn't make economic sense for me to buy a Snap-On set for the once or twice a year I'm going to use it. The Chinese set does just fine, and saves me hundreds of dollars.
Don't beat up on the Chinese for providing a seviceable product at a good price. If I had to buy all USA stuff all the time, I'd go broke.

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Mark in Virginia

02-18-2004 06:45:21




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 Re: Daily Rant, Steel Prices in reply to kyhayman, 02-17-2004 17:04:47  
I am getting the same report from ductile iron suppliers regarding China. It appears they are also buying up the scrap iron, which drives up prices of metal products. It seems history is repeating itself. Japan was allowed to do pretty much the same thing during the 30's, if I remember history class correctly. We all know what the outcome of that was. I am sure the politicians will gladly send us to h--l in a hand basket in the name of NAFTA, detant, or what ever you want to call it.

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Rauville

02-18-2004 04:47:59




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 Re: Daily Rant, Steel Prices in reply to kyhayman, 02-17-2004 17:04:47  
I went the other day to pick up some 3x3 angle and was suprised at the cost. The dealer told me that the price increase was due mainly to the large amount of new steel being sent to Iraq for infrastructure rebuilding. Same reason they give for the plywoood price increase.



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old

02-17-2004 18:03:57




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 Re: Daily Rant, Steel Prices in reply to kyhayman, 02-17-2004 17:04:47  
Thats why I have a large scrap steel pile. I've been told I should sell it for scrap and I tell them that there is no way, can't get enough money out of it to replace it. So its out there and when I need something it may take a few hours to find what I need but its there and doesn't cost me any thing



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Larry

02-17-2004 17:21:36




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 Re: Daily Rant, Steel Prices in reply to kyhayman, 02-17-2004 17:04:47  
I was told by a supplier that China is buying all the scrap steel



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fixerupper

02-19-2004 06:43:36




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 Re: Re: Daily Rant, Steel Prices in reply to Larry, 02-17-2004 17:21:36  
A couple of weeks ago I got $50 per ton for a small load of #2 (short)steel. A couple of months ago I got $27 for mixed steel that they classified as tin. I bought four-4"x1/4x20' channels at the same place back in December for 39 cents/lb and 1/4x2 1/2x20 flat for 43 cents/lb.



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fixerupper

02-19-2004 06:28:34




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 Re: Re: Daily Rant, Steel Prices in reply to Larry, 02-17-2004 17:21:36  
A couple of weeks ago I got $50 per ton for a small load of #2 (short)steel. A couple of months ago I got $27 for mixed steel that they classified as tin.



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Larry NE IL

02-17-2004 19:08:01




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 Re: Re: Daily Rant, Steel Prices in reply to Larry, 02-17-2004 17:21:36  
They must not be paying much for it, got a friend in the garbage business says it's only paying $17.00/ton



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Don-WI

02-17-2004 19:19:44




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 Re: Re: Re: Daily Rant, Steel Prices in reply to Larry NE IL, 02-17-2004 19:08:01  
A scrap guy came in our shop the other day, said it's up to $101 a ton for good scrap iron, a little less for tin or whatever, but still record breaking.
Donovan from Wisconsin



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Rt

02-17-2004 20:07:38




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 Re: Re: Re: Re: Daily Rant, Steel Prices in reply to Don-WI, 02-17-2004 19:19:44  
Sure isn`t here. Last i checked it was 27.00 a ton. Few months back it was a 1/4 cents a pound. Went the other day to get more 4" purlins and they had gone up from 137.00 per ten, 25 footers 173.00 per ten. Hardware has it gone up in your neck of the woods? Nuts, bolts, screws everything. I wish I was in an area where the scrap was paying that much, maybe I could cut some cost. RT



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Joe(TX)

03-31-2004 09:43:36




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 Re: Re: Re: Re: Re: Daily Rant, Steel Prices in reply to Rt , 02-17-2004 20:07:38  
It sounds like your scap dealers are the ones ripping people off. I just sold a load of short iron amd cast fro $100 a ton.



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