Updated: May 5
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 🐃:
- Consumer Confidence is up 59 to 65 MoM.
The case for the 🐻:
- PE Ratio is 32.53 down from 37.39 last month.
- Fear & Greed Index 26 from 55 last month.
- Steel Imports are up 24% MoM.
- HRC Lead times dropped 2 weeks MoM.
- HRC pricing down from $1,540 to $1,400 / TON MoM.
- Dr. Copper dropped from the March high of $4.90 to 4.28 / LB.
- HMS 80:20 US-Origin cfr Turkey dropped from April high $660 to $555 / MT.
- Pig iron dropped from the April high of $1,064 to $933 / MT.
- CME Bush settled at $779 last month, futures today are at $690 /GT, Down $89.
Russian billets seemed to have replaced US scrap in Turkey driving USA export pricing down.
A Scrap Life's Bulls vs Bears Podcast is out, check out the link below.