Originally posted by thechier86
i work in the scrap industry, scrap prices dramatically drive oil prices as creating new steel and other metals is a major factor in oil prices, when prices of fuel drops so does the value of any metals. there are no orders anywhere for scrap metal, none over seas and all the major buyers, turkey, hungary, china have stopped buying, i do not see this changing anytime in the immediate future. all scrap prices are still considerably above average. as is gold, silver, oil, all commodities, the dow and other markets. this might stay around for a while in this country as we do not use fuel for anything besides making hamburgers and driving to go buy hamburgers. it is my estimate that fuel may drop below the $1.50 mark. it is under $50 per barrel last i looked, it really should be around $1.30 realistically at this time
RD
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