Same Old, Same old
As we approach November, any hopes for a big change in market sentiment appears to be out of the question. On the global stage, markets are weak and at home, the continued trade war with China does not appear to have any end in sight. Add a glut of scrap inventory and mill shutdowns, the scrap metal market seems to be in a wait and see mode until after the New Year. Even then, the scrap market will need a strong catalyst to reverse negative sentiment and turn this market around. While we wait for that catalyst to show itself, we are buying all the scrap we can.