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 🐃:
- Crude oil is up 7%
- Pig iron is up $59 to $622 / MT
- Zorba is up 8 cents to 79 cents
- Turkey HMS is up $40 to $525 / MT
- HRC downward pricing momentum has stopped
The case for the 🐻:
- Consumer confidence continues lower
- Inflation continues to move higher
- Steel leads times on HRC US Midwest remains under 4 weeks
Steel production has trended down the last 3 weeks in the Midwest while the South has trended up.