SMU Data and Models

SMU Scrap Survey: Current, Future Sentiment Indices log declines
Written by Ethan Bernard
May 9, 2025
SMU’s Scrap Sentiment Indices both fell this month, according to our most recent survey data.
This tracks with our most scrap recent pricing data for May, which showed drops in all the products SMU covers.
However, in a month plagued by tariff and economic uncertainty, both current and near-term outlooks for our scrap survey respondents remained surprisingly optimistic.
Current Sentiment Index

Our Current Sentiment Index dropped 13 points to 64 after registering 77 in April and 76 in March.
Future Sentiment Index

Meanwhile, our Future Sentiment Index slipped three points to 75 after standing at 78 in April and 86 in March.
Here’s what respondents are saying:
“Southern mills are packed with scrap, and demand for finished products is hit or miss.”
“Order books are not great.”
“Demand is constant. Unfortunately, export scrap is trying to move into the domestic market.”
“We keep hearing about the marketplace being pretty soft. Not great news heading into the summer.”
About Scrap Sentiment
SMU’s Current and Future Scrap Sentiment Indices mirror our Steel Buyers’ Sentiment Indices in our flat-rolled steel survey. However, our Scrap Sentiment Indices are both a diffusion index, with a reading above 50 indicating a more optimistic outlook.

Ethan Bernard
Read more from Ethan BernardLatest in SMU Data and Models

SMU flat-rolled market survey results now available
SMU’s latest steel buyers 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 “latest survey results.” Past survey results are also available under that selection. If you need help accessing the survey results, or if […]

SMU Survey: Buyers’ Sentiment rises but caution remains
After reaching multi-month lows in mid-May, SMU’s Buyers’ Sentiment Indices modestly recovered in our latest survey.

SMU Survey: Sheet lead times fall to multi-year low
Mill lead times shrunk this week for all of the sheet products tracked by SMU and held steady on plate, according to buyers responding to our latest market survey.

SMU Survey: Mill willingness to negotiate keeps on climbing
Most steel buyers responding to our latest market survey report that domestic mills are willing to talk price to secure new orders. Mill negotiability has continued to rise across all sheet and plate products we track, now at some of the highest levels recorded since late 2024.

Steelmaking raw material costs mixed through May
According to our latest analysis, prices for four of the seven steelmaking raw materials we track increased from April to May. However, select materials saw a collective 1% decline month over month and are down 4% compared to three months ago.