Chicago Shredded Scrap posted today for December, down $10/ton from November at $360/ton. Most had expected a sideways move for the month but once trade began this month, low global raw materials and export opportunities dragged down the trade here in the US. Scrap dealers had no choice but to concede a slightly lower price moving forward. It is doubtful this move will have much meaningful impact on the rebar market as most are expecting a rebound in Q1 with the change in presidency and seasonal tight raw material trade.
We will continue to keep you posted with moves that impact the rebar market.