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📈 The Bullish Case vs. 📉 The Bearish Case

Navigating the Current Market Trends 📊

🐃 The Bullish Case:

🛢️ Crude oil surges, up $85.86 to 90.77 (+6%)

📈 Zorba is up, 68 to 72 cents (+6%)

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

🐻 The Bearish Case:

📉 Dow Jones Industrial Average dips, down 34,797 to 33,468 (-4%)

📉 Hot roll coil steel futures decline, down $718 to $697 (-3%)

💰 Nickel decline, down $20,350 to $18,900 (-7%)

♻️ Ferrous #1 HMS New York del export yard is down, $290gt to $280gt (-3%)

🏗️ Pig Iron is down, $440 to $430 (-2%)

📌 Worth Mentioning:

🏢 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. 💼🌐

Monthly Scrap Factor Report Oct 2023
Download PDF • 3.65MB


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

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