Podcast Transcription: Metal Monday Ep. 3 - 1.18.2021

Updated: May 5

Hosts, Nick Snyder and Brett Ekart, talk about their weekend shenanigans and the scrap market prices for the week of January 18, 2021.

Nick:

Welcome, everybody. I'm here with the third Metal Monday of the year. I'm sitting here with Brett. Well, I'm not sitting here with Brett, I'm Zooming with Brett. How you doing?


Brett:

I'm good, man. How about yourself?


Speaker 1:

I'm doing good. It's foggy over here and right around our Boise yard, really foggy and the road were a little sketchy on the way in. It reminded us, we've had such a good winter, a real light winter, but it felt like winter this morning over here.


Brett:

Yeah. Fog will come in and sit there on top and just keep it pretty chilly. It's the same way up here up in north Idaho. It's-


Speaker 1:

Let everyone know where you are.


Brett:

Haven't really got a bunch of snow in the last couple of days. It's just kind of stayed cold. But all in all, it's good, man. It's good. Metals are looking pretty good this morning. I always say anytime there isn't a lot of red, that's a good day. I don't need everything to be up 10 cents or $100 on the precious metals. I just need it to be level to slightly positive and I'm good at that.


Speaker 1:

Yeah. As long as it's trending in the right direction, I'm a pretty happy camper. I can handle those days where copper takes a small correction, five cent. Just doing what a scrap buyer does. Like a good example is we bought a pretty good load of copper. We bought it super aggressive from a one of our demo guys and the next day copper's just down. I'm like, "Oh, no." Those are the days where I'm like-


Brett:

I still think we're going to see three-eighty to four bucks in the next month or so. I really believe that there's going to be a run. We'll see what happens though in between now and then. We've got about 20 more cents to get to three-eighty. 19-ish, but I think there's a good shot once they kind of get the election, inauguration, all this stuff behind everybody and get the politics out of the way and just get back to business.


Speaker 1:

Do you think there's going to be a lot of fluctuation with the inauguration coming up? Do you think there's going to be a lot of stuff going on with that?


Brett:

I don't see that. I think it's more driven by the dollar strength or weakness and demand. I think that's just kind of the political side show that just needs to happen so everybody can move forward. What's going to be more interesting is the ferrous markets and trying to figure out what those are going to look like in February. I've already heard some people talking them down a little bit out there. But, I think that's just export countries trying to take some steam out of the market. On the demand side over here domestically, it's still strong. So really, as long as the export markets still have strength, I don't see the ferrous market... Maybe a slight correction or a sideways, at worst. I don't know. I don't see where they can take much juice out of this thing.


Speaker 1:

Yeah. With all these markets, the ferrous markets being so down for so long, I think any scrap yard, any scrap buyer would be happy and the customer would be happy with a sideways market.


Brett:

I agree.


Speaker 1:

So, I'll be curious because we got a fairly full yard in the back here, full of iron.


Brett:

We just got to get it processed and get it out. That's the name of the game.


Speaker 1:

Yeah, that's true.


Brett:

Get it in somebody else's hands and make some headway and move on.


Speaker 1:

Yes, sir. Well, any other updates, Brett?


Brett:

Not a lot, man. Just going to kind of see what happens this week. I mean, on the precious metal side, rhodium has been absolutely crushing it. Platinum and palladium have just been kind of hanging around. So, I think there's a lot of room in both of those to go up as well. So, I'm pretty optimistic. I'm pretty positive about what the rest of January looks like on the precious metals and the base metal side.


Speaker 1:

Okay. Yeah, me too. Well, we'll keep our eyes on it and we'll be back in a week.


Brett:

All right, man. Have a great day.


Speaker 1:

See you.


Brett:

See you.

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