Profits maximised by having instant access to price of copper.
Part of the international Metallum Group, and based in the West Midlands U.K, the Concorde Metal Recycling Group bases its financial success of knowing the exact minute-by-minute changes of metal prices.
According to Andrew Montgomery (UK Manager) at Concorde, ‘in days gone by we used to decide on a settlement price on a Monday and that would be good for the week, but now the markets move so much within a day that I can either lose money or business if I do not know exactly where the price of copper is’.
Overcoming market volatility to make better pricing decisions with FastMarkets.
The chart below demonstrate how volatile the markets are. On the 15 August 2102 Copper closed only $13 down on the opening price but had an intraday movement of $88. On the 16 August 2012 it closed $38 up but had an intraday movement of $143. This sort of intraday volatility means scrap metal merchants need to price their deals with close regard to the actual LME prices. FastMarkets has enabled Concorde to remain on top of metal market changes, ensuring they are competitive in the sector as well as being focussed on the bottom line. As well as having the price information they need, the news service has provided additional benefits, “the news service ensures we are aware of what is happening in the market and helps us explain price movements to clients,” says Andrew.
Won over by a customisable service, at the desk or on the move.
Technology is playing an ever increasing part in our lives and it’s certainly true in the scrap metal industry. More than 20% of FastMarkets clients access the service via a smart phone or iPad – a 50% increase in the last twelve months. Concorde Metal Recycling are one of these clients, making full use of our mobile service. They also appreciate the ability to customise the data and news provided according to individual needs As Andrew Montgomery says, “I like the way the system can be customised and am looking forward to using the new, improved mobile service”.
More insights for a wider range of company functions, whilst limiting information overload.
When researching services it often becomes clear that different departments within a company have different data and information needs. Finance Directors need LME prices for managing risk and hedging as well as FX and money market rates, while sales team need rates to gauge competitiveness and make decisions based on live pricing. In addition, the Owner or Managing Director needs to keep up to date with news and likes our research as it keeps him well informed of what happening.
By each area being able to customise the news and data they get delivered to their desktop it mobile it means each get the information they want without over-loading the other, as is the case at Concorde, “Whilst FastMarkets is mainly used by me and the other buyers. Our finance department use it for the FX rates”.
Operational efficiencies increase focus on direct sales
One of the fears of installing a new data service is the amount of resource that can be used in using it. Concorde have benefited from a simple installation and proactive support and advice, allowing the company to focus on their business growth, “The customer service is great- very responsive and ensures we get the best out of the service”.
A proven solution for Concorde Metal Recycling Group.
Concorde may have carefully tested the waters before deciding on FastMarkets , but thanks to a strong mix of technology and service, at a value for money price, they feel at ease at relying on FastMarkets.
About Concorde Metal Recycling
- Traders non-ferrous scraps and metals on the local and international markets.
- They operate three warehouses in the UK to collect, sort and handle materials close to the local markets.