Scrap posted late last week, down $40/ton from April for its second consecutive monthly decline. The Chicago index finalized at $380/ton, giving back the majority of its gains from Q1. We entered 2025 with Chicago shredded scrap at $360/ton. In May we are now only $20/ton higher than where we began the year. Although domestic rebar mills are tight on supply to begin the month & steel products in general still have very solid demand, rebar producers will face mounting pressure to consider the decline in raw material costs as we move forward into the spring season.
We will continue to keep you updated on developments in the rebar market.
Have a great week.