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Term
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Definition
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| I-Beams |
Structural sections on which the flanges are tapered and are typically not as long as the flanges on wide-flange beams. The flanges are thicker at the cross sections and thinner at the toes of the flanges. They are produced with depths of 3-24 inches. |
| I.C.C. (The Interstate Commerce Commission ) |
A committee that deals with traffic and transportation situations at the federal Level. The I.C.C. has powers enabling it to regulate and control traffic moving from state to state, but not within a given state. |
| Identified |
In trading scrap, we often find it advantageous to identify (name) a shipper or shippers as part of our sales negotiations with a consumer. Such identification, while it often helps to seal a transaction, often causes problems. Identification of sources should be used sparingly, and the responsibilities and obligations of both our consumer and The David J. Joseph Company should be clearly defined, and not taken for granted. |
| Import |
To bring material from a foreign country into the United States. |
| In the Market |
A buyer is considered to be "in the market" when he is willing to buy. Being in the market is not always the sames as being competitive. Often a buyer is in the market for a limited amount of material, and will take what he can get at a low price and doesn't care if he buys nothing - nevertheless, he is in the market as he is a willing buyer at some price. Often a buyer needs to buy a small amount of material, and will come into the market at a high price, buy his needs, and duck back out.
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| In-Transit Preparation |
A seldom used procedure. At one time, unprepared scrap was purcased, shipped to an independent scrap dealer for preparation and then shipped to a consumer. The dealer was paid a per ton fee for his in-transit preparation. Weight and grading problems are very likely in this procedure - and it is avoided. In its place, when authorized, the unprepared scrap is sold outright to the dealer. A purchase order is then sent to the dealer for prepared grade. Thus two independent transactions are on the books.
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| Independent Scale |
A truck scale owned and operated by a party other than buyer or seller or consumer. Often scales owned by such "third party" establish fees for weighing, and such weighing fees should be considered in our transactions. |
| Industrial Scrap |
Generally refers to scrap which is the by-product of a manufacturing process other than melting (such as fabricating, drilling, stamping, forging, etc). Industrial scrap is 'left-over' new metal, usually of a single type and frequently from a single producer. Therefore, industrial scrap purchased directly from a plant or factory often commands higher prices on the expectation that it is less contaminated and more homogeneous than either obsolete scrap or industrial-origin material that is handled through a scrap processor's facility. Also called prompt scrap or new scrap (scrap made from new material). Obsolete scrap sold by a manufacturer (for example, maintenance scrap, old machinery, or demolition scrap from plant tear-outs) is not industrial scrap.
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| Industrial Substitute |
A grade of scrap resulting from the preparation by a scrap dealer of industrial scrap received from one or more industrial plants, usually identified. This definition does not carry universal application, but the implication is that the quality of the grade is equal to that of the same grade that may have been processed by the industry itself, if they had the equipment able to do the preparation. |
| Ingot |
A form of semi-finished steel. Liquid steel is teemed (poured) into molds, where it slowly solidifies. Once the steel is solid, the mold is stripped, and the 5-ton to 30-ton ingots are then ready for subsequent rolling or forging.
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