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For the week beginning Monday, February 13th

Commodity prices started the morning in positive territory following the Greek parliament’s approval of the latest austerity measures, but risk appetites started to shift as the trading day progressed. In London, Reuters reported mostly firmer LME official 3-mo. nonferrous prices this morning including for copper ($8,530/mt), nickel ($21,050/mt), lead ($2,165/mt) and zinc ($2,095/mt). In New York, crude oil prices touched the $100/bbl mark while gold futures were up over $1,725/to. After having traded as high as $3.908, COMEX Mar copper pulled back late this morning to around $3.83/lb. On Wall Street, stocks were holding on to earlier gains, with the Dow Industrials up around 1/3 of a percentage point, while the Euro, after having strengthened to $1.33, was trading around $1.3217 vs the dollar late this morning.

A host of new economic data releases in the U.S. this week including the latest numbers from the Fed on industrial production and manufacturing. Other releases on retail sales, the housing market, inflation, regional manufacturing and leading indicators come out this week too, along with the administration’s fiscal year 2013 budget, which is scheduled for release this morning. European finance ministers meet on Wednesday on the proposed Greek bailout, while China’s presumed next president, Xi Jinping, comes to Washington this week. We’ll have this week’s latest economic, commodity and scrap market highlights,

including the details on full year 2011 U.S. scrap exports, in this week’s Friday Report.

From OECD Press Release: “13/02/2012 - Composite leading indicators (CLIs), designed to anticipate turning points in economic activity relative to trend, point to a positive change in momentum for the OECD as a whole, driven primarily by the United States and Japan, but similar signs are beginning to emerge in a number of other developed economies. The CLIs for India and Russia also show signs of an upward change in growth momentum.

The CLIs for all other major OECD economies, the Euro area and Brazil continue to point to below trend growth. But tentative signs are emerging that the recent deterioration in CLIs is moderating, and the CLIs for seven of the fifteen countries in the Euro area are now pointing towards a positive change in momentum. However, the CLI for China points more strongly to a slowdown this month than in last month's assessment.”

Link to underlying data - Source: OECD Composite Leading Indicators Database

ISRI Spec of the Week: From ISRI’s Scrap Specifications Circular 2011, Guidelines for Nonferrous

Scrap:

Ultra STAINLESS STEEL TURNINGS

Shall consist of clean 18-8 type stainless steel turnings containing aminimum7% nickel and 16% chrome,

and to be free of nonferrous metals, nonmetallics, excessive iron, oil and other contaminants. Particulars

concerning physical description, assay, and packaging to be agreed upon between buyer and seller.

Monday’s Quote: “Persistence is to the character of man as carbon is to steel.” -- Napoleon Hill