SMU Data and Models

SMU Scrap Survey: Current Buyers' Sentiment flat, Future Sentiment tumbles

April 4, 2025

SMU’s Current Scrap Buyers’ Sentiment Index remained flat this month, while the Future Sentiment Index declined.

The indices are at parity, each with a reading of +58.

SMU publishes a scrap survey monthly covering issues including market prices, demand, tariff policies, logistics, etc. Among those is a Scrap Buyers’ Sentiment Index roughly equivalent to the Steel Buyers’ Sentiment Index we publish in our flat-roll survey.

Contact david@steelmarketupdate.com to be included in our market questionnaires.

Survey information was collected in the run-up to “Liberation Day”.

Current Scrap Buyers’ Sentiment

This month, our Current Scrap Buyer’s Sentiment Index remained unchanged.

Future Scrap Buyers’ Sentiment

At the same time, our Future Sentiment Index dropped 15 points from the previous survey.

What survey respondents are saying:

“We move our inventory every month and do not speculate.”

“I believe we have been in recessionary times for a year, regardless of what info the government has printed. Auto dealers have 95 days of inventory on their lots when it should be 45 days. Ag dealers have close to a year’s inventory.”

“In our warm-weather yards, spring has arrived and we are seeing more scrap. That hasn’t happened in the North yet.”

“Our sales of finish products are declining.”

About the SMU Scrap Buyers’ Sentiment Index

The SMU Scrap Buyers’ Sentiment Index measures the attitude of buyers and sellers of ferrous scrap products in North America. It is roughly equivalent to the SMU Steel Buyers’ Sentiment Index. Tracking sentiment is often helpful in predicting future buying behavior.

Ethan Bernard

Ethan Bernard is a reporter and editor for Steel Market Update. He previously worked for American Metal Market as a copy editor in the New York office for two years starting in 2008. Later, he copy edited AMM’s monthly magazine on a freelance basis from 2015 until 2017. With experience in financial copywriting and textbook publishing, he holds a BA in Comparative Literature from UC Berkeley, and an MFA. in Creative Writing from New York University. He can be reached at ethan@steelmarketupdate.com or 724-759-7871.