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%)
- 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.
Check out the Scrap Factor Report:
A Scrap Life's Bulls vs Bears Podcast will be out soon, check out the link below.