[TheForge] Price of steel & scrap

Fri Apr 9 00:59:02 2004

There are other factors, I agree, my comment was to point out one of 
them that hasn't been widely recognized...IE our current currency 
devaluation which has affected both steel and oil prices. In Europe, gas 
costs have not risen nearly as much.
Another factor is that the Bush administration continues to buy up huge 
amounts of oil for the strategic petroleum reserve. Bush and friends 
profit from high oil prices. Of course the Chinese are putting a great 
deal of pressure on both oil and steel prices as well
Either way,.it's us who pay.             Pete F

[email protected] wrote:

>I disagree, the rise in fuel prices stem from OPEC's tightening the noose so 
>to speak. They are cutting production, the immediate rise we see is the crappy 
>system that all of our politicians (Republican and Democrat) allow to 
>function called the spot market. It causes immediate and unnatural 
>fluctuations.(always up it seems) from any news on the future oil supply. Oil that was bought 
>for 30 dollars a barrel is jacked up due to an increase to 40 dollars a barrel. 
>....even though it was already paid for at the lower price... and anyway the 
>oil companies are almost all international corporations that could easily tell 
>us to go get stuffed...we need them more than they need us...
>
>  As far as steel goes a friend of mine is a scrap yard owner in the business 
>for 50 years and he said that the prices are being driven by a huge Chinese 
>demand for scrap steel... thus driving up all prices. It seems they are buying 
>up all the steel they can get.
>
>
>          Ted Jones
>
>
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