David is joined by Alba Benitez of BMG Latin America Inc. to learn sources of where to find scrap metal market prices. #BlackbirdTV #ScrapMetal
About this segment of Blackbird TV
Recorded: January 7, 2021
Published: September 28, 2021
Joining me in this segment is my friend Alba Benitez and Alba’s the director at BMG Latin America. She’s a steel broker and sells steel and specialty steels into the Latin American markets. How are you today, Alba? It’s a wonderful day. Alba, I wanted to ask you today, you’re dealing in commodities and you’re buying and selling every day. There’s there’s so many places. You go to Google and you can find five hundred different websites. In Blackbird’s auction business, we’re constantly running into scrap sales and we’re selling equipment for scrap values. And we never know where to go to get current pricing. And what are the good benchmark places to go. What do you use in your daily trading? Where do you go? What’s your go to source for for current pricing? First of all, you have to see, you know, what is the trading right now and the trading. If you’re looking for the numbers that traded last week, you go to the CRU. CRU, C. R. U., and that’s really the Midwest domestic hot rolled coil steel index. And that’s the benchmark that people use and things might fluctuate off of that. But CRU is, in your world CRU is the number? Yes. And they analyze different commodities, like an iron, like a scrap, copper, steel. They have different indexes within CRU? Yes. Oh, I misunderstood that. I thought it was just for domestic hot rolled. So, see, we’re all learning something today. So CRU is the place to go. And where do you come up with numbers for scrap values? And I know that you’re not dealing in scrap too much, but if you had to send someone somewhere to find current scrap prices, where would you recommend they go? Well, they have another website called Orbis, steel. That one, you know, you can go in there too, they have this scrap prices globally. Gobally, and do they vary too much between an international market, you know, delivered in China versus on the port in Philadelphia? How do you get that granular in it? Do you know? Everything is connected. Everything all the prices are based on, you know, one global thing. It depends why the customer needs the scrap, you know, what the consumption of the steel consumption is right now in the United States, for example. Well, you know, you could have better if … the mills are beseen like they are right now. Is time to go to scrap you know, in United States. Right now (January 2021), the scrap is really low in inventories. So if you got an old ball, you better scrap it! Really good information. Alba, thanks for your time today. And joining us on Blackbird TV. Thank you, David, have a blessed day.