Hope you’re all doing great! 🌟 This month, we’re diving into the latest trends in the steel and scrap metal industry. Get ready for a wild ride through market ups and downs, each one telling a story of opportunity.
📊 Month-to-Month Analysis 📈
Bull Case 🚀
⏳ Consumer Confidence: Jumped from July 66.4 to in September 70.1
📈 Shanghai Steel Rebar Prices: Up from 3,317 to 3,417 CNY (8.9% increase).
📈 Copper Prices: Up from $4.16 to $4.49 / lb. (7.9% increase).
📈 Aluminum Prices: Up from $2,486 to $2,606/ton (4.8% increase).
📈 Nickel Prices: Up from $16,975 to $17,529/ton (3.3% increase).
📈 HMS 1&2 (80/20) cfr Turkey: Up from $369.33 to $372.69/ton (+.9% increase).
Bear Case 🐻
📉 Iron Ore: Down from $98.63/MT to $92.98/MT (5.73% decrease).
📌 Noteworthy Observations 🧐
Argus Media recently reported: Scrap exporters remained bullish and looking to a considerable price increase throughout October. In addition to the Chinese recovery and an increase in Turkish rebar prices of around $50/t in the past five weeks, there is a strong contango in the LME two-month futures HMS 80:20 contract. This, and the possibility of further US interest rate cuts later in the year, with elections out of the way by December, supports the strong possibility of an increase in physical scrap bulk trading prices.
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