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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 Analysisย ๐Ÿ“ˆ


๐Ÿƒ Bull Caseย ๐Ÿš€

  • Dow Jones Industrial Average: ๐Ÿ“ˆ from 38,471 to 39,807 (Increased by 3.47%)

  • Crude Oil WTI Futures: ๐Ÿ“ˆ from $78.50 to $83.11 (Increased by 5.88%)

  • Crude steel production remain steady ~76%

  • HRC Futures are strong with May at $927/tn and June at $905/tn, respectively.

  • Copper: ๐Ÿ“ˆ from $3.83 to $4.01 (Increased by 4.69%)

  • Aluminum: from 2,236 to 2,337 (Increased by 4.5%)

  • Turkey 80:20: ๐Ÿ“ˆ Started at $390/mt, dipped to $376/mt in March, but rallied back to $391.50/mt to conclude March.


๐Ÿป Bear Caseย ๐Ÿ“‰

  • Iron Ore 62% Fe, CFR China: ๐Ÿ“‰ from $124.86 to $109.53 (Decreased by 12.27%)

  • Shanghai Steel Rebar: ๐Ÿ“‰ from 3,760 to 3,421 (Decreased by 9.01%)

  • LMC Nickel: ๐Ÿ“‰ from 17,366 to 16,568 (Decreased by 4.59%)

๐Ÿ“Œ Noteworthy Observationsย ๐Ÿง

Cleveland-Cliffs initiated a second round of hot rolled coil steel, increasing it by $60/tn with a base price of $900 per ton. Despite predictions of a summer slump in the international steel market, recent actions suggest a potential bottom has already occurred in the USA. ย Itโ€™ll be interesting to observe whether these increases hold or if they are temporary fluctuations.


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? Check on the charts for yourself below.


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


Monthly Scrap Factor Report March 24
.pdf
Download PDF โ€ข 3.36MB

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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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