Market Update | November 24th 2021

Raw material pricing has experienced a mix of up and down movements in recent months. This week zinc, spot iron ore, and the scrap market all showed signs of strength while pacific basin met coal pricing continued to decline. Due to skyrocketing energy pricing, the U.S. announced they will release 50 million barrels from the Strategic Petroleum Reserves. Steel production is also seeing similar movements. As domestic steel production increases, global production is down because of sharp drops in Chinese outputs.