April Scrap Post Final Last Week

In last week’s hustle, we realized we failed to report the finalized scrap number for April… Please accept our apologies for our delinquency!!!

April Chicago shredded scrap posted down $20/ton from March at $430/ton. The move was expected, as scrap collections had dramatically improved with the weather, and now collections have outpaced demand from the mills. As such, mills were cancelling unshipped March orders and setting newer lower pricing for April. Despite the decline in scrap, across the country, rebar mills are reporting full backlogs and solid shipments of rebar. We do not expect this current scrap decline to have any impact this month on mill rebar pricing, as mills are quick to point out they did not reap the full benefits of the increases on the way up.

We will continue to keep you posted on events that impact the rebar market. Have a great week!