Scrap Insight: All Eyes on UAW as 'Unsettled' Oct. Trade Approaches

The US scrap market for October is a bit unsettled as the UAW strike against the Big Three automotive companies has expanded and shows scant signs of an imminent settlement. There is only speculation on how the strike will affect both the amounts of steel needed and of scrap produced.

The September market saw #1 busheling shockingly fall $50 per gross ton after NorthStar and Nucor entered the market, the UAW potential strike notwithstanding. A few mills in the southeast only dropped $40 per gross ton. However, shredded, HMS, and P&S all traded sideways from August levels. This divergence raised a few eyebrows in the scrap (our) community.

Stephen Miller

Stephen Miller started his career in the scrap metal industry in 1978 at Luria Brothers in Cleveland. Over the last 40-plus years, he has worked in all capacities in the trading business. He has had positions in both domestic and international scrap trading. In addition to scrap, Miller was at the forefront of the pig iron trade and established a pig iron distribution company under the name of Ferrosource, Inc. Most recently, Miller has concentrated on the scrap export market and regularly does consulting for several companies in the industry.

Stephen Miller

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