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๐Ÿ”ฅ Metal Market Trend Updates! ๐Ÿ”ฅ

I hope this update finds you riding the wave of success! ๐Ÿ„โ€โ™‚๏ธ In this month's edition, we're diving deep into the red-hot trends steering the steel and scrap metal industry. Get ready for a rollercoaster of market madness, where every dip and surge tells a tale of opportunity!


๐Ÿ“Š Month-to-Month Analysis ๐Ÿ“ˆ


๐Ÿƒ Bull Case ๐Ÿš€

- Consumer Confidence is up ๐Ÿš€ย from 71 to 79

- United States Purchasing Managers Index (PMI) ๐Ÿ“Š increased from 47 to 50 (+6.38%)

- Crude Oil WTI Futures are up from $73.87 to $76.73 (+3.87%)

- 80:20 (HMS) cfr Turkey price is stable $418 to $421 / MT. (+0.7%)

- Zorba 95/2 delivered US Consumer ๐Ÿ“ˆ from $0.75 to $0.78 (+4%)


๐Ÿป Bear Case ๐Ÿ“‰

- Steel HRC ex-works US Midwest domestic lead times โฑ๏ธ decreased from 7 to 4 weeks

- US Midwest Domestic HRC Futures are down from $1,163 to $960 (-17.4%)

- CME Busheling February Futures ๐Ÿ”ฝ are down $555 to $490 / GT (-11.7%)


๐Ÿ“Œ Noteworthy Observations ๐Ÿง

- A winter blast โ„๏ธย rolled through the Midwest slowing scrap flows dramatically in January, affecting as much as 2 weeks of shipments.


Your success is our mission, and we're here to arm you with the insights you need to conquer these thrilling times. Do you have questions or craving more details? Dive into the madness โ€“ reach out to us anytime!


Thanks a ton for trusting us as your market intel source.


Monthly Scrap Factor Report Jan 24
.pdf
Download PDF โ€ข 3.39MB

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A Scrap Life's Bulls vs Bears Podcast will be out soon, check out the link below.



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