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Scrap Metal Market Update

The case for the ๐Ÿƒ:

- Pig iron is up $555 to $562.50 / MT (+1.3%)

- Crude steel production is up 75.4% to 76.3% MoM


The case for the ๐Ÿป:

- Crude oil WTI is down $80.21 to $71.83 (-10.4%)

- Iron ore is down $127.06 to $106.01 (-16.6%)

- Hot rolled coil steel is down $1,156 to $1,086 (-6.1%)

- China steel rebar is down $4,175 to $3,643 CNY (-12.7%)

- Copper is down $4.08 to $3.84 (-5.9%)

- Shred feed is down $235 to $217 (7.7%)

- 80:20 Turkey is down $440 to $395 / MT (-10.2%)

- Turkey rebar spread is down $271 to 215 / MT (-20.7%)


Worth mentioning:

- China steel production has spiked exceeding demand in the world. This is driving the world steel market down.

- The US is on track to export a combined 570,000 mt of bulk ferrous scrap in April, the lowest level since September 2022 according to Argus media. Slow exports means a surplus obsolete scrap tons available for domestic mills.

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Check out the Scrap Factor Report:

Monthly Scrap Factor Report May 2023
.pdf
Download PDF โ€ข 3.50MB
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A Scrap Life's Bulls vs Bears Podcast will be out soon, check out the link below.



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