Scrap Metal Market Update

The case for the 🐃:

- One could argue bottom formation in the overall market and copper

The case for the 🐻:

- Iron ore down $18.53 / MT. $114.45 to $107.22 (-6%).

- USA HRC down $930 to $845 MoM (-9%).

- China Steel Rebar 4,500 to 4,122 MoM (-8%).

- Pig iron down $137 / MT. $642 to 505 (-21%).

- Shred Feed 370.50 to 350 MoM (-5.5%)

- Zorba $.66 to $.59 (-11%).

- Turkey 80:20 HMS down $20 / MT. $370 to $350 (-5%).

Worth mentioning:

- I heard HRC bottoms around $680-720 / ton now in the USA due to additional steel supply coming online.

Monthly Scrap Factor Report Aug 2022

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A Scrap Life's Bulls vs Bears Podcast for June will be out soon, check out the link below.