BIR World Mirror Non-Ferrous 91, 06/2010

Our world has changed

As I write this, I am looking at a market that has copper down over US$ 400 per ton, aluminum is down US$ 100 and nickel has declined over US$ 900 - and it isn't even lunchtime yet. We live in a world rife with panic; quick to react equally to rumor and fact; less responsive each month to the fundamentals of our business but succumbing to the intangible forces that serve to create both strong and weak markets. Our world and our businesses have changed.

Yet somehow our metals seem to find their way to their appropriate markets, and how appropriate it is that we are meeting in Istanbul, where West literally meets East at one of the major ancient trading posts of the world, providing a geographic metaphor for the changing face of our industry. It is, after all, demand from Asia that has shaped the course of our business for the past decade as per capita consumption of the refined metals produced from our scrap continues to outpace that in the more traditionally industrialized nations of the West.

I take this opportunity to thank the Board of the Non-Ferrous Metals Division for its excellent work in preparing for this as well as for past meetings, and for its continuing support of the programs that have served to benefit our membership.  For those who are unable to be in Istanbul, we certainly hope to see you in Brussels in the autumn.

Robert Stein
Alter Trading (USA)
President of the Non-Ferrous Metals Division
17th May 2010

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