October Scrap Posting – Final
October shredded scrap posted final this afternoon at $370/ton, down $10/ton from September. The downward move was the first change in scrap after 5 straight months of no change. Despite rebar demand being incredibly tight, the softness in scrap reflects the overall larger sentiment in the steel market, with very lackluster demand currently in most steel products that represent a larger portion of the steel market than rebar. It is very unlikely that rebar mills will concede anything in pricing related to the softer scrap, as short supply still dominates the headlines in the rebar market. Rather, they are more likely to hold the line on pricing and benefit through stable pricing and lower input costs. We will continue to monitor and report any changes that may affect the market.
Have a great rest of your week!
