CMC 4th Quarter 2007
1st Quarter 2008
North America
§Weak Dollar; Strong Freight Rates
–China to U.S. Gulf $90/MT
–S.E. Asia to U.S. Gulf $120/MT
–Black Sea (Turkey) to U.S. Gulf $75/MT
§Ferrous Scrap Prices Continue Climb to Record High (Shredded $360/LT)
§This Will Support Upward Pricing
–Immediate Benefit to Recycling
–Near-Term Benefit to Mills
–Long-Term Benefit to Fabricators after Margin Squeeze Abates