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
Read more from Stephen MillerLatest in Ferrous Scrap
HRC vs. prime scrap spread widens in June
The price spread between HRC and prime scrap widened in June.
Ferrous scrap pricing sideways in June
Ferrous scrap prices in the US have remained stable from May to June.
SMU Scrap Survey: Sentiment little changed despite uncertainty on demand, trade policy
Both current and future scrap sentiment as measured by SMU’s Scrap Market Survey are little changed from last month. The relative stability might reflect June’s sideways settlement. Both measures remain below where they were earlier this year.
SMU scrap market survey results now available
SMU’s ferrous scrap market survey results are now available on our website to all premium members. After logging in at steelmarketupdate.com, visit the pricing and analysis tab and look under the “survey results” section for “ferrous scrap survey” results. Past flat-rolled survey results are also available under that selection. If you need help accessing the survey results, […]
Miller on Scrap: More malaise, or will tariffs lead to higher prices?
If we review the price trends for the last two years, we can see this year’s pattern following a similar path.