The case for the 🐃:
- Turkey 80:20 HMS is up $44 / MT. $352 to $396 (+12.5%).
The case for the 🐻:
- Iron ore is down $114.45 to $104.76 (-8.5%).
- USA HRC is down $845 to $778 MoM (-8%).
- China Steel Rebar is down $41,22 – $3,873 MoM (-6%).
- Crude Oil is down $98.61 – $89.31 (-9.5%).
- Shred Feed is down $153 to 1$40 MoM (-8.5%)
- Global Steel Production is down 6.5% YoY.
Worth mentioning:
- Based on generic yields and Chicago AMM pricing busheling presents a cost savings opportunity of $50-70 / GT over shredded scrap for most steel mills.
Check out the Scrap Factor Report:
A Scrap Life's Bulls vs Bears Podcast for June will be out soon, check out the link below.
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