Ship to shore. (Nonferrous).The closing of the Chemetco refinery in Illinois this fall has eliminated the last sizable siz·a·ble also size·a·ble adj. Of considerable size; fairly large. siz  a·ble·ness n. U.S. destination for some grades of
copper-bearing scrap. The bad news for dealers who like to keep their
copper scrap in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. continues to hit, as Noranda has announced
that it will close its Gaspe, Quebec, smelter for six months in 2002 due
to slack demand.A scrap dealer scrap dealer n → chatarrero/a scrap dealer n → marchand m de ferraille scrap dealer scrap n → in Nebraska--about as far from a deep-water port as is possible in the U.S.--notes that the majority of his copper is heading offshore now. "Our aluminum has mostly stayed domestic, but all the coppers from number two grades down has mostly gone overseas," he notes. Exporting is not new for this dealer, but the trend has been overwhelming even in the Cornhusker corn·husk·ing n. 1. The husking of corn. 2. A social gathering for husking corn. Also called husking bee. corn State. "We've been exporting for seven or eight years now, but it has moved toward overseas a lot in the last 12 to 24 months." China's hunger for copper scrap continues unabated un·a·bat·ed adj. Sustaining an original intensity or maintaining full force with no decrease: an unabated windstorm; a battle fought with unabated violence. . Even domestic wire choppers are having difficulty procuring material while competing against export brokers shipping primarily to China, with South Korea and India also growing as destinations for copper-bearing scrap. Dealers are hoping that a price bump could help bring out some more material, no matter where it is shipped. Early December has seen Comex copper make a move upward by several cents per pound, with dealers hopeful the extra few cents will stick. It is unclear what effect, if any, Enron's troubles will have on the nonferrous non·fer·rous adj. 1. Not composed of or containing iron. 2. Of or relating to metals other than iron. nonferrous Adjective 1. markets. The company may be sitting on some copper inventory it needs to liquidate To pay and settle the amount of a debt; to convert assets to cash; to aggregate the assets of an insolvent enterprise and calculate its liabilities in order to settle with the debtors and the creditors and apportion the remaining assets, if any, among the stockholders or owners of the , but announced primary production cutbacks might more than offset the release of this material. U.S. Copper Scrap Export Destinations, 1st Half 2001 (metric tons of both alloyed and unalloyed scrap) China 150,200 Canada 45,300 South Korea 20,860 India 16,720 Japan 13,800 Germany 8,640 Taiwan 7,670 Mexico 4,720 Hong Kong 4,210 Switzerland 2,541 Source: USGS; U.S. Census Bureau Note: Table made from a bar graph. |
|
||||||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion