Since SIMS has stopped buying at door trade (ie pay customers but they will take it for free), CMA is still buying but at a rock bottom prices. CMA was paying $1/kg for Al cans just several mth ago, now paying only $0.30 and scrap steel of <1T, they won't pay anything.
I find all these developments as an amazing signs for the rapidly changing market and that metal trading companies still findings unique ways to make decent profits, even though at a much smaller scale (but remembering that Southern Ro grew from buying cans into a muti-million dollars private company.
Several traders are starting to predicting metal price stabilization, and Al to start going up in 2009
CMV Price at posting:
24.0¢ Sentiment: LT Buy Disclosure: Held
