The ferrous scrap metal market is a unique one truly driven by supply and demand. Learn about what the key indicators are doing month over month in this Scrap Metal Market Update Series.
The case for the bulls:
- Iron ore moves up 14%
- Crude oil is up 12.5%
- Turkey HMS is up $23 to $485 / MT
The case for the bears:
- Pig iron is down $13 / MT
- HRC midwest domestic is down 18% ($256 / ton)
- US steel imports continue higher
Worth mentioning:
Crude steel output remains stable to slightly higher MoM at 82.4%
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