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

Stephen Miller started his career in the scrap metal industry in 1978 at Luria Brothers in Cleveland. Over the last 40+ 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.

Read more from Stephen Miller

Latest in SMU Community Chat