The case for the 🐃:
- Dow Jones Industrial Average is up 34,458 to 35,559 (+3.2%)
- Crude oil is up $70.37 to $81.74 (+16.2%)
- Hot roll coil steel lead times expanded from 3-4 weeks to 5-6 weeks
- Copper is up $3.78 to $3.99 (+5.6%)
- Nickel is up $20,650 to $21,584 (+4.5%)
The case for the 🐻:
- Hot roll coil steel August futures are down $874 to $821 (-6.1%)
- US Finished steel import market is estimated to be up 23% over the first six months of 2023.
- HMS 80:20 CFR Turkey is down $385.10 / GT to $356.94 / GT (-7.3%)
- Turkey rebar-scrap spread is down $237.75 / MT to 211.57 / MT (-11%)
Argus has only tracked six deep-sea shipments off the US east coast for July shipment totaling 195,000t, which if realized would be a multi-year low, according to an Argus analysis of vessel tracking and manifest data.
Check out the Scrap Factor Report for more:
A Scrap Life's Bulls vs Bears Podcast will be out soon, check out the link below.