Scrap Metal Market Update

The case for the 🐃:

- Iron Ore is up $103.10 to $110.64 / ton. (+7.3%)

- China Steel Rebar is up 3,673 to 4,001 / ton. (+8.9%)

- HRC up $673 to 736 / ton. (+9.9%)

The case for the 🐻:

- Pig Iron is down $502 to $490 / ton. (-8.7%)

Worth mentioning:

- The scrap metal market has shifted from a demand-driven market to a supply-driven market and boy it doesn't feel like there is a lot of supply out there after this cold weather snap. Raw steel production is flat month over month and HRC lead time has fallen from 4.5 weeks to 3.5 weeks.

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Check out the Scrap Factor Report:

Monthly Scrap Factor Report Jan 2023

.pdf

Download PDF • 3.09MB

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