After a longer negotiation this month, Chicago shredded scrap for March posted this afternoon at $460/ton, up $30/ton from February. An increase was expected throughout the trade; however, March finalized a bit more conservatively than expected compared to early indications from the prior week. Still, it marks the 3rd straight month of increases to start the year, and now domestic mills will need to decide if and how to react to the latest rise in their material cost. Mills remain busy, but concerns continue if demand is strong enough to keep pace with the rising scrap costs.
We will continue to keep you posted on information relative to the rebar market. Have a great week!