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    May 24, 2025

    Miller on Scrap: Sentiment for June brightening

    Written by Stephen Miller

    SMU spoke with an attendee of the Recycled Materials Association (ReMA) Annual Convention held earlier this month in San Diego. He said most of the membership was of the opinion the US ferrous market is at the bottom. The last two months saw shredded drop  by $80 per gross ton (gt) and busheling decline by $50/gt. 

    At the start of the month, many players were fearful of an extended period of price declines beyond the May settlements. Asked about the reason for this change in sentiment, the source listed several of them.

    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.

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