The case for the 🐃:
- Still looking...
The case for the 🐻:
- Dow Jones Industrial Average is down 33,542 to 32,915 (-1.87%)
- WTI Crude Oil is down $71.86 to $67.86 (-5.57%)
- Pig Iron is down $535 to $507.50 (-5.14%)
- HRC lead time is down 6.5 to 3 weeks (-3.5 weeks)
- HRC pricing is down $1,135 to $935 (-17.62%)
- Steel Rebar is down $3,643 to $3,474 (-4.64%)
- Copper is down $3.84 to $3.63 (-5.47%)
- Zorba is down $.742 to $.695 (-6.71%)
- Nickel is down $24,295 to $20,540 (-15.46%)
- Shred feed is down $217 to $197 (-9.22%)
- 80:20 HMS Turkey is down $400.93 to $391.18 (-2.43%)
There are rumblings in the industry regarding steel buyers adopting a cautious stance as they gradually deplete their inventories, driven by concerns about the second half of the year. It remains to be seen whether this cautious approach will be widely adopted by all steel buyers and if it will have a ripple effect throughout the supply chain, potentially resulting in a run-up in pricing similar to the first quarter. Alternatively, there is the possibility that the current trend of decreasing demand for steel will persist, leading to a continued downward trajectory.
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