Say what? That’s right. According to this Australian metalworking website Australia’s largest recycler, Sims Group announced on Monday that it was suspending all scrap purchases. The company is concerned that it could make a loss when it goes to sell materials! Whoa, how the tides have changed.
Many big buyers such as OneSteel have suspended their scrap purchases. This slow-down for scrap dealers can have profound implications particularly if metals prices stay ‘low’ for a prolonged period of time. Now we just wonder when the metals thieves will start to catch on.