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I am plain new slate & i invite all of you to write on my memory some basic facts & figures about the scrap industry.
I dont want info from you instantly. I understand it is going to take a few months for me to know who's who & what's what in this industry.
i'd aprreciate if you guys give me links, blogs, sites, metal exchange (LMW) to get well versed with terminology & concepts/principles of the market.
My aim is to become a mainstream trader in the scrap commodites.
Anyone? =)
I can't give you all that but I can welcome you to the forum . I Would read the many of the posts here to learn , using the search helps too.
Just start reading - it'll come. If you have questions, just ask. To start: There is "ferrous" and "non-ferrous" metal. Ferrous means magnetic. By weight, nonferrous metal is worth more than ferrous. Common ferrous metal is iron/steel/sheet metal. Common nonferrous metals are copper, brass and aluminum. The more you separate metal by type before you take it to the scrap yard, the more it's worth.
Kinda sounds to me like he would want to just jump in as a broker; without knowing what's what,,, that could be dangerous.
Well, he DID say it'd take a few months.
@submarinepainter:
thanks brother! I'll use the search extensively. I thought of asking real people as the information is realtime & relevant to the premises that are provided.
@Mick:
U THE MAN! i like the way to sound, "it'll come". Yes it has to! The info you provided was a good kickstart for someone like me. I've started wiki'ing about metals.
What i came across was, EM = electromotors, Cu = Copper, Au = Aluminium. I'm looking at this from a traders point of view bcoz i'm soon going to be hired as one.
All i know till now is that the scrap yards collect scrap & then sort it. The sorting is a chronological process where each heap of scrap has a unique quality. Then there is an auction. The participants are basically the the recycling giants in the corporate world. These heaps are then transported to respective foundries (mostly the logistical operations occur by sea as it has the least carbon trail, cost reduction, risk-free). Once the vessels unload the scrap they load coils of recycled iron or metal or billets etc etc.
This info. is all very generic & everything said & done i need information on how to source scrap, huge quantities (in TONNES) & how does the commodity trading work, any links, blogs, chats are welcome. I am ready to make you a phone call in real-time if you promise to give out information. I'm looking at a bigger picture brothers. Help me out here.
@Mechanic688:
well some things dont sound the same in different brains insipte of the same words. Let me be clear, i'm getting into trading on a corporate level & i'll be never touching any metal. I'll be punching away on my keyboard, logging in a few applications & using the data from stock exchanges. My work will be to source tonnes of steel, iron,zinc copper, aluminium & ensure delivery on a JIT (just-in-time) basis. help me out brother.
And hey guys! You all made my day today. Keep the advises coming. Thanks for taking the trouble. =d
Mr. Patil,
I have a question for you. India is a growing economy and by the year 2050, India will have more people than China.
Years ago when China first became big in the import of recycled metal, the Government offered a percentage kick-back, as high as 17% at one time, so the purchase of scrap metal abroad was an easy job as China could easily pay market value or above what any mill in the USA or Europe was paying.
Does the Government of India offer similar circumstances now, as they are technically an asian country and are directly competing with China? If so, you job will be easy once you meet some connections.
All sorts of people on this forum. Crazy.
And gettin crazier....
it's sorta like watching world cup tennis over a lifetime...most of the time it's just good tennis...you pick up good pointers and see some moves you don't want to emulate...helps your game...then sometimes you get a McEnroe thrown in...you love 'em or hate 'em....but they definitely spice up the game...
LOL, they won't help you now...Quote:
Originally Posted by Sushant Patil
and their friends won't either !
Thanks for your nice information.