Scrap Traders Declare Launch of New Global Metal Trading Platform
The Japanese company noted that its association with the ‘Global Metals Network’ will help to boost their scrap metal portfolio.
SEATTLE (Scrap Monster): Scrap metal leaders Keith Chiu and Mark Sellier announced the launch of a global metals trading platform. The ‘Global Metals Network’, headquartered in Hong Kong, is financially supported by Japanese Mitsui & Co. The international network will have trading offices in several countries including the U.S., the U.K., the Netherlands, South Africa, Chile and Colombia. Several scrap traders formerly associated with Australia-based OneSteel Recycling have joined the platform.
The global platform will trade copper, brass and copper alloys, aluminum, stainless steel and nickel alloys, lead, zinc, ferrous and mixed metals.
According to Sellier, the new trading house will focus on local market conditions in each country, which in turn will provide advantage to them. The international presence of the trading venture will provide global spread, by taking advantage of the arbitrage opportunities. It will also help the platform to adjust to new spreads and opportunities that may arise due to incidents such as trade wars, which could bring about drastic changes in trade flows.
The partnership will help Mitsui to expand their scrap market footprints, especially into copper. Mitsui’s in-depth experience in cathode and concentrates and mining promises a bright future for scrap recycling. The Japanese company noted that its association with the ‘Global Metals Network’ will help to boost their scrap metal portfolio.
Keith Chiu operates several scrap yards in Asia and is also the Chairman of Hong Kong-headquartered SBE International Ltd., a leading global metal resources company.
Scrap Metal Prices
| Copper Scrap | ||
| Alternator | 0.39 | $US/Lb |
| #1 Copper Bare Bright | 3.99 | $US/Lb |
| Aluminum Scrap | ||
| 356 Aluminum Wheels (Clean) | 0.74 | $US/Lb |
| 6061 Extrusions | 0.64 | $US/Lb |
| Steel Scrap | ||
| #1 Bundle | 360.00 | $US/MT |
| #1 Busheling | 380.00 | $US/MT |
| Electronics Scrap | ||