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Scrap Metal Market Update

The case for the ๐Ÿƒ:

- Dow Jones Industrial Average is up 32,915 to 34,458 (+4.69%)

- Iron Ore is up $105.07 to $110.87 (+5.52%)

- China Steel Rebar is up $3,474 to $3,741 (+7.69%)

- Copper is up $3.63 to $3.78 (+4.13%)


The case for the ๐Ÿป:

- HRC is down $935 to $865 (-7.49%)

- Nickel is down $21,056 to $20,525 (-2.52%)

- Shred feed is down $197.37 to $160.10 (-18.88%)

- 80:20 HMS Turkey is down $391.18 to $386.10 (-1.30%)


Worth mentioning:

In the second week after the price increase announcement, mills are actively promoting new pricing levels for hot roll products, ranging from $900 to $950. However, steel buyers are still evaluating the mills' ability to succeed with these prices. Buying activity has been sporadic and may not meet initial expectations. Furthermore, reports indicate that scrap prices are facing downward pressure in July, likely due to the ongoing effects of the summer market slowdown.


Check out the Scrap Factor Report for more:

Monthly Scrap Factor Report July 2023
.pdf
Download PDF โ€ข 4.33MB

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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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