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Apparently, it has been quite a profitable (and relatively expensive) metal to ship. Even most other metals like iron or steel are ~100x less expensive. It's h
by kurthr 4y ago
Apparently, it has been quite a profitable (and relatively expensive) metal to ship. Even most other metals like iron or steel are ~100x less expensive.
It's hard to tell from the article, but this could be another wrinkle in the Prateek Gupta and TMT metals fraud.
https://www.business-standard.com/article/companies/trafigura-faces-577-million-loss-after-uncovering-nickel-fraud-in-india-123020901371_1.html https://www.business-standard.com/article/companies/trafigur...
- mitthrowaway2 4y agoAh. Yes, a possible connection to a $577 million fraud case would seem to cast doubt on this being "an isolated case and specific to one warehouse in Rotterdam".
- convolvatron 4y agosteel scrap is around $0.05/lb and has been under $0.02 before. at that point what do you really use for fill that won't stand out? copper is cheaper than nickel and people bring in plate and hide weights in it all the time