Scrap steel buyers in Asia are canceling purchases after prices tumbled more than 80 percent in the past four months as demand slumps, traders said.
``There are buyers in China, India and Europe that are literally fighting for their survival,'' said Bob Garino, director of commodities at the Institute of Scrap Recycling Industries Inc., a Washington-based trade association representing more than 1,600 companies worldwide. ``Steel prices have fallen off a cliff, and they just don't have the money to honor their contracts.''
This is actually directly effecting me, because I live out in the country. Everyone parks their old cars or farm equiptment out in a field, and it's a funny way to "save for retirement." You can always make a quick buck hauling scrap away for people.
But really, what does this mean that prices have tumbled 80%? I have no idea what that means to me?
