Re: Price of fence wire

Posted by kyhayman on March 15, 2004 at 21:59:08 from (68.67.64.130):

In Reply to: Price of fence wire posted by buck on March 15, 2004 at 20:31:19:

Scrap steel is way up. I posted a few weeks ago titled 'Daily Rant' on Impliment Alley (I think). My bulk suppliers are only quoting 48 hours. The Chinease are buying scrap steel like crazy and have quit selling coke at the same time we are having a shortage due to a fire at one of the major coke producers. Coke shortage is so bad the Weirton Steel shut down a line and they are one of the big players in the east.

I do respectfully disagree with the other post on a couple of points. China is has over built steel capacity at home to sell to us now that our market is open (again) to get hard currency (US) to buy all the goodies they need and to use up some f the electricty they are generating with the 3 Gorges dam. Scrap steel drives the current US steel industry today. Last week in American Metal Market (www.amm.com) it showed over 50% of domestic production was from minimills using electric arc furnaces which depend exclusively on heavy melt scrap and shredded steel. Of the blast furnace mills, a typical blast charge is 20% scrap and 80% ore but (for the past few years) most have been running a 40% scrap charge to to cut cost. Back in December Greenspan was quoted (Wall Street Journal)as saying that the one futures price he checked daily was the price of US #1 heavy melt scrap as an indicator of economic growth (and inflation). Dont think we arent headed there now.

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