The case for the 🐃:
- Pig Iron is up $497 - $519 MoM (+4%)
The case for the 🐻:
- Iron ore is down $104.76 to $98.31 (-8.5%).
- Turkey 80:20 HMS is down $28 / MT. $396 to $368 (-7%).
- HRC lead times remain around two weeks and pricing continues to erode. Until steel demand bottoms hard to see any scrap pricing pops in the near future.
Check out the Scrap Factor Report:
A Scrap Life's Bulls vs Bears Podcast for June will be out soon, check out the link below.