SMU Data and Models

SMU Scrap Survey: Current, Future Sentiment Indices log declines
Written by Ethan Bernard
May 9, 2025
SMU’s Scrap Buyers’ 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 Buyers’ Sentiment
SMU’s Current and Future Scrap Buyers’ 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’s April at a glance
SMU’s Monthly Review provides a summary of our key steel market metrics for the previous month, with the latest data updated through April 30.

SMU Survey: Steel Buyers’ Sentiment Indices see modest recovery
SMU’s Buyers’ Sentiment Indices both improved this week, reversing the decline seen two weeks ago.

SMU Survey: Sheet and plate lead times flatten out
Sheet and plate lead times held steady this week, according to buyers responding to the latest SMU market survey. This week we saw little change from mid-April levels, with just one product (Galvalume) showing any significant movement.

SMU Survey: More mills willing to deal on sheet prices, less so on plate
Nearly two thirds of the steel buyers who responded to this week’s SMU survey say domestic mills are negotiable on spot prices. This increasing flexibility marks a significant shift from the firmer stance mills held in recent months.