"Stormin Mormon" wrote:

So much for that theory.

Not really. It depends on how much scrap steel they send us in the
form of "new goods" versus the amount we send them back. The volumes
or weight might still match.

As far as the "cost" relative to refining. ... If you had some one
willing to sell you gold at $32/oz but would only sell you an ounce a
year, and you needed 66 oz/yr, Would you not still buy the $32
dollar ounce when you could? I know I would.


"Spehro Pefhany" wrote in message
.. .
On Wed, 28 Mar 2012 13:21:11 -0400, "Stormin Mormon"
wrote:

I'm guessing that the Chinese send us merchandise on barges, and take scrap
on the return trip. Easier to remelt US made scrap iron, than to mine and
forge it from the ore. Just a guess.
Chinese domestic steel production in 2010: 637 million tonnes.*
US ferrous scrap exports to China in 2010: 9.9 million tonnes.**
US scrap contribution is pretty much negligible (about 1.5%).
jk