Ferrous Scrap

March scrap market starts to shape up

Written by Stephen Miller

March 11, 2025

After an unusually long period of waiting for the March scrap market settlements, several mills are now actively buying ferrous scrap. And it looks like prices are ticking up.

The delays in buying were partly attributable to the decision on tariffs for scrap from Mexico and Canada. The imposition of these tariffs has been delayed until April and it has resulted in steady scrap shipments from both our neighbors for March. This has made scrap procurement considerably easier than anticipated.

According to several sources, Prices are up $20-40 per gross ton (gt), depending on the grade and region with a few districts slightly less than this.

Northern Ohio/Detroit

In the Northern Ohio and Detroit districts, most mills have entered the market for shredded at up $30/gt with HMS and P&S up $20/gt. The March price for #1 Busheling is not settled yet but will be between $30-40/gt over February price tags.

Buyers in Chicago are still on the fence in terms of price and have not yet entered the market. The word is they are attempting to keep all prices at maximum increase of up $20/gt.

South/Midwest

The same thing is happening in the Southern and Midwestern districts.

Two larger EAF buyers completed their buy with busheling and shredded purchased at up $30/gt and HMS and other cut grades up only $20/gt.

However, several other large buyers have not committed to these numbers and are still attempting to buy cheaper. They are meeting resistance.

Wherever these March settlements end up, the industry still faces continuing threats of tariffs on imported scrap.

If they are imposed in April as scheduled, any hope of reducing scrap prices to coincide with “spring clean-up” will be in peril. There is a great deal of worry and uncertainty about the general economic situation in the US. This also could weigh on future demand for both steel and its major ingredient: ferrous scrap.   

Stephen Miller

Stephen Miller started his career in the scrap metal industry in 1978 at Luria Brothers in Cleveland. Over the last 40+ 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.

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