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๐Ÿ“ˆ The Bullish Case vs. ๐Ÿ“‰ The Bearish Case

Navigating the Current Market Trends ๐Ÿ“Š


๐Ÿƒ The Bullish Case:

๐Ÿ›ข๏ธ Crude oil surges, up $85.86 to 90.77 (+6%)

๐Ÿ“ˆ Zorba is up, 68 to 72 cents (+6%)

๐Ÿญ Hot roll coil steel lead times expand from 4-5 weeks to 5-6 weeks


๐Ÿป The Bearish Case:

๐Ÿ“‰ Dow Jones Industrial Average dips, down 34,797 to 33,468 (-4%)

๐Ÿ“‰ Hot roll coil steel futures decline, down $718 to $697 (-3%)

๐Ÿ’ฐ Nickel decline, down $20,350 to $18,900 (-7%)

โ™ป๏ธ Ferrous #1 HMS New York del export yard is down, $290gt to $280gt (-3%)

๐Ÿ—๏ธ Pig Iron is down, $440 to $430 (-2%)


๐Ÿ“Œ Worth Mentioning:

๐Ÿข HRC and busheling futures stand resilient in the face of challenges. News from Cleveland-Cliffs as they announced a price increase for HRC, now at $750 per ton. While HRC lead times have extended by a week over the course of the month, it's essential to note that the recent UAW strike and a series of reported mill shutdowns cast a shadow over scrap market expectations for October. ๐Ÿ’ผ๐ŸŒ

Monthly Scrap Factor Report Oct 2023
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Download PDF โ€ข 3.65MB

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



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