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