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 Survey: Current Sentiment tumbles on tariffs, uncertainty, soft demand
SMU’s Steel Buyers’ Sentiment Indices moved in opposing directions this week. Our Current Steel Buyers’ Sentiment Index dropped to one of the lowest levels recorded in over five years, while Future Buyers’ Sentiment inched higher.

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 report little change in sheet and plate lead times
Steel buyers report steady lead times for sheet and plate products, a soft-sideways trend we've seen since May.

SMU Survey: Mills remain flexible on pricing, buyers say
The majority of steel buyers responding to our market survey this week continue to say that mills are negotiable on new spot order prices. Negotiation rates have remained high since May.

Service centers: Mill orders improve in July
SMU’s Mill Order Index (MOI) moved higher in July after rebounding the month prior. The shift comes after mill orders declined from March through May.