July 14, 2023
Executive Summary
USA MARKET COMMENTARY
1. STAYING WIDE: UBC Discounts hold at.. cent/lb despite MWP drop. US UBC consumers have been confirmed paying prices as low as… cent/lb delivered MW this week, a fresh low since December 2020. This equates to discounts of… cent/lb below MWTP (LME Cash + MW Premium), the same range they have traded since the last week of June.
2. SINKING: Wheels scrap prices down to one and a half year lows.
3. TURNINGS PLUNGE: HG turnings prices fall amid cheap and widely available alternatives.
MEXICAN MARKET COMMENTARY
PRESSURED DOWN: Old cast prices fall to 11-month lows amid confluence of factors.