Scrap-Steel Buyers Cancel Purchases as Prices Tumble
Posted: Thu Nov 06, 2008 4:42 pmhttp://www.bloomberg.com/apps/news?pid= ... refer=home
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?
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?
