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 🚀
📈 Dow Jones Industrial Average: Up from 41,763 to 44,723 (7% increase).
Bear Case 🐻
📉 Copper Prices: Down from $4.33 to $4.07 / lb. (6% decrease).
📉 HMS 1&2 (80/20) cfr Turkey: Down from $368.83 to $340.46/ton (7.7% decrease).
📌 Noteworthy Observations 🧐
Scrap consumers are expected to reduce their buying programs this month due to the ongoing weak US steel market, potentially leading to a rare drop in year-end scrap prices.
According to a survey by Argus, most buyers and sellers anticipate a price decline across the US this month, driven by weaker demand and an oversupply in certain regions, especially in the south.
Some market participants predict prices could drop by up to $20 per gross ton from November in most areas. However, fewer scrap collection days, harsh winter weather, and supplier optimism for early 2025 might limit the downside.
Significant declines in the export market through November for both bulk and containerized shipments have further contributed to the bearish sentiment for the upcoming trade.
A Scrap Life's Bulls vs Bears Podcast will be out soon, check out the link below.
Comentários