SMU Community Chat

Scrap market trades sideways in June
Written by Stephen Miller
June 4, 2025
The US scrap market has traded sideways from May prices in basically one day without any significant descent, sources say. All major steelmakers, with maybe one exception, issued orders at prices paid in May.
During the month of May there was speculation the market would de down somewhat as a “soft sideways” was predicted. There was concern about a weak and lackluster export situation and a surplus of scrap in Canada due to decreased needs by Canadian mills.
As the month went on, export came back a bit and domestic scrap facilities reported decreased flows which uplifted dealer sentiment to “strong sideways.” There was talk of strong buying programs at domestic mills.
However, in the end, the market went “just sideways,” despite export falling in Europe and scrap in Canada, mainly Western Canada, still overhanging the market.
It is a matter of opinion at this stage if the increase in steel tariffs from 25% to 50% played a role in June pricing, whether if it was psychological or otherwise.

Stephen Miller
Read more from Stephen MillerLatest in SMU Community Chat

SMU Community Chat: June 11 at 11 am ET with Timna Tanners of Wolfe Research
Timna Tanners, managing director of equity research for Wolfe Research, will be the featured speaker on the next SMU Community Chat. Timna has coined Sheet Storm, Galv Galore, and Rebarmageddon. Her forecasts and insights are always though provoking. And she’s not afraid to speak her mind. So it's no surprise that she's one of our most popular guests!

SMU Community Chat: Zekelman calls for more support for steel consumers
“Unless the administration actually gets serious about levelling the playing field… for consumers of steel, then everything they've done on the steel side is useless."

Join SMU for a Community Chat With Barry Zekelman Next Wednesday!
Zekelman is known for his straight talk. And his company is one of the largest steel buyers in North America. So he’s got a better eye than most on steel market developments.

Join AMU’s Greg Wittbecker on May 14 for a Community Chat on aluminum, tariffs, and trade
AMU’s Greg Wittbecker, an aluminum industry veteran, will address not only US tariffs but also evolving trade routes - and how supply chains are (or aren’t) adjusting. He’ll also touch on broader industrial impacts, from auto layoffs to the potential ripple effect of maritime tax policies.