📈 The Bullish Case vs. 📉 The Bearish Case

📈 The Bullish Case vs. 📉 The Bearish Case: Navigating the Current Market Trends 📊

🐃 The Bullish Case:

🛢️ Crude oil surges, up $81.87 to $85.86 (+5.1%)

🏗️ Pig Iron sees gains, up $427.50 to $440.00 (+2.9%)

🏭 Turkey rebar-scrap spread spikes, up 357.45 / MT to 381.02 (+6.6%)

⛏️ Iron ore prices on the rise, up $112.46 / ton to $118.19 / ton (+5.1%)

🐻 The Bearish Case:

📉 Dow Jones Industrial Average dips, down 35,559 to 34,797 (-2.1%)

🏭 Hot roll coil steel lead times shorten from 5-6 weeks to 4-5 weeks

📉 Hot roll coil steel September futures decline, down $821 to $718 (-12.6%)

🥈 Copper loses ground, down $3.99 to $3.80 (-4.8%)

📌 Worth Mentioning:

Steel prices remain under pressure as buyers strategize to reduce inventories in anticipation of potential disruptions due to an automotive labor strike. Reports suggest up to 15 different mills have scheduled outages through November, while scrap collection is notably down.

For a deeper dive into these market dynamics, check out the Scrap Factor Report. Stay informed, stay agile, and adapt to thrive in today's ever-changing economic landscape. 💼🌐

Monthly Scrap Factor Report Sept 2023

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