Price of Steel

[jsoukup]

I'm brokering a deal for some stainless steel tables between the company my wife works for and my company. We agreed on scrap price. Two weeks ago stainless scrap was 50 cents a pound. Today we called and it was 15 cents. Short iron went from 6 cents to 4 cents.

What's the trickle down on new steel? I've been wanting to add a storage closet to my garage and use 2x4 purlins, but I nearly passed out when I priced out the steel a few months ago.

I've still got the money to do it, but I want the best price on steel. Anyone have any insight on the metal market.

[usmcpop]

Considering that steel prices of some items increased anywhere from 3x to 5x since 2001, and mushroomed (doubled?) this year, I would hope prices settle back soon.

Here's some insight - see the chart

http://www.business-standard.com/india/storypage.php?autono=336895

Get on Google News and search "steel prices".

[mudbug]

The bottom dropped out on scrap around here...was $85 a 1000# ...now it's down to $35. That's what the dealers are paying for it as scrap...I haven't checked new stuff lately,but hopefully it's come down some too.

This was the first of the week...before the market slump...I need to check again Monday. This is good for buying,not so good for selling...glad I got rid of my junk while it was high. Time to find some shop material right now before it goes up again.

[GilaSlim]

From what I see on the business channels on cable TV, we are going into a world-wide business slump. Demand from the former drivers - primarily China and India - is falling as fast as that from the U.S. This is good/bad news for prices of crude oil, steel, etc, depending on your viewpoint. As a buyer of gasoline/diesel and steel, I'm thrilled - even though pump prices have not come down near as much as crude prices, thanks to greedy oil companies.

Just as now is (probably) a good time to be investing in stocks, now is also a good time to be buying steel. When the world works it's way out of this slump, prices will rise again, possibly to new record highs.

Will we continue this slide into a full-blown depression ala 1930's? Analysts are cautiously optimistic that will not happen. Will prices go even lower before the turn-around? Certainly possible.

I'm no financial whiz, that's just the impression I am getting. Talk to your own investment advisor before investing in the market. But, if I was a young guy working for a company that offered a 401(k) plan instead of a retired guy pushing 60, I would be slamming the max allowed into a 401(k).

As for steel, I plan to go out next week and pick up as much new/scrap steel as I can afford. Got to build a cart for my new Thermal Dynamics Cutmaster 52 that I got yesterday... :D

GS

[hankj]

Commodity markets all took it in the butt this week. Everything is down in price, including, believe it or not, gasoline around here!

Good time to pick up that project steel....

Hank