The case for the 🐃:
- Pig iron is up $535 to $555 / MT. (+3.7%)
- HRC futures are up $1,064 to $1,156 / ton. (+8.6%) - HRC lead times are up 6-7 weeks to 9 weeks.
- USA Steel Imports are down 13.6% MoM.
- Crude Steel Production is up 74.9% to 75.4% MoM.
The case for the 🐻:
- 80:20 Turkey is down $471 to $447 / MT (-5.1%)
- USA Average steel capacity utilization rate is down 4.74% YoY.
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