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

Ethan Bernard is managing 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.

Read more from Ethan Bernard

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