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    Analysis

    May 1, 2025

    Final Thoughts

    Written by Stephen Miller

    The process of upgrading shredded scrap to reduce the copper content has been prioritized over the last several years. The abrupt rise in imported pig iron after the Russia-Ukrainian War in 2022 made this, what some consider, a worthy investment by steelmakers and their key suppliers.

    Pig iron prices did normalize in 2023 and to a lesser extent in 2024. However, with the recent tariffs imposed on pig iron imports and those on direct-reduced iron/hot-briquetted iron (DRI/HBI), the upgrading of shredded scrap is back in the news.

    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.

    Read more from Stephen Miller

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