Scrap Metal Market Update - October 2021
The ferrous scrap metal market is a unique market truly driven by supply and demand. Learn about what the key indicators are doing in this monthly Scrap Metal Market Update Series.
The case for the Bulls:
Dow Jones makes new high
Turkey 80:20 up $67 since September 30th. Spreads between rebar and scrap are still sustainable.
Oil continues higher
Pig Iron up $10 / MT MoM
Bush futures $80 / GT higher in January vs October settlement.
The case for the Bears:
USA HRC continues to come off highs.
China Steel Rebar down ~$130 USD ($808 / MT CNY)
Purchasing Managers Index moved lower.
Imports up 32% YoY. Leads times on imports down MoM.