Memories from the (ferrous) scrap heap of history

We all remember where we were on Sept. 11, 2001. Others are old enough to remember where they were when JFK was shot. These and other historical events changed the world. Those involved in the commodity markets can’t help but also recall what the events meant for their markets. Whether they were a buyer, seller, trader, broker or agent, they remember where they were and what the market did. Did they go long, did they go short, did they do nothing at all? The coup attempt in Turkey earlier this month failed, but it got some industry veterans to jog their memories of other historic events. In this and future blog posts, we will look back at market-shifting moments, from dramatic changes in governments to natural disasters, terrorist attacks, declarations of war, invasions and economic booms and collapses. Much like we just witnessed in Turkey, coup attempts began to unravel and ultimately seal the fate of the Soviet Union and related communist systems. Scrap industry veteran Nathan Fruchter, president of Idoru Recycling Corp., recounted three such pivotal moments in the Fall of Communism through the eyes of a scrap trader.   The Berlin Wall comes down: Nov. 9, 1989 The event: On November

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Source: CTRM Center

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