It’s 2021 and the scrap market feels like the new crypto-currency! Every day, it’s at a higher level. But as I was told by a brilliant trader: “A rising market never goes in a straight line.” It’s so true. We’ve become used to this bullish market, even expected it to continue without any signs of weakness.
Let us neither forget that China was a huge catalyst for this strength nor underestimate the tremendous amount of stimulus money put into many other markets. All of this has added to the strength of the scrap market today, and discussions of future projects in such areas as infrastructure. All of this is great, but there will be small dips, large corrections and the like. We’ve seen it many, many times before: we’re no different to any other commodity or even crypto-currency.Read More
Greg Schnitzer , President of the BIR Ferrous Division