Features

SMU Scrap Survey: Current and Future Sentiment tick down
Written by David Schollaert
October 5, 2025
SMU’s Current Sentiment Index for scrap decreased this month, a move mirrored by the Future Sentiment Index, according to the latest data from our ferrous scrap survey.
This comes as market sources report the October market is moving slowly out of the gate. And while it’s too early to tell, demand appears to be down slightly.
Current Sentiment Index
SMU’s Current Sentiment Index for scrap declined by just one point to +71 in October from +72 a month earlier. This is still trending well within the 63-77 band we’ve seen since February.

Future Sentiment Index
SMU’s Future Sentiment Index for scrap dipped by two points to +79 compared with September. Even with the steady decline over the past three months, future sentiment continues to track higher than current sentiment. Basically, buyers are more optimistic about the near-term future than they are about the present moment.

What’s the word on the street?
The word on the street is busheling might be down again in October, as much as $20 per gross ton (gt). There’s talk that other grades might decline as well. But it’s too early to know just yet.
Obsolescent grades could trade between $10-20/gt lower, even with some dealer resistance to dropping prices on shredded and HMS. But again, the flow of these grades has been a bit off.
About SMU’s Scrap Sentiment
SMU’s Current and Future Scrap Sentiment Indices mirror the Steel Buyers’ Sentiment Indices in our flat-rolled steel survey. They are diffusion indices: readings above 50 indicate a more bullish outlook, while readings below 50 indicate a more bearish one.
Sentiment is only one of the indicators we measure. Our scrap survey, like our steel survey, is available only to premium members. If you would like to upgrade from executive to premium, please contact SMU account executive Luis Corona at luis.corona@crugroup.com. If you’re interested in participating in our scrap survey, please reach out to david@steelmarketupdate.com.
David Schollaert
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Final Thoughts
Below are some other issues that should be on your radar. Because while prices have been steady, a lot is going on when it comes to news that could impact them.
Steel market chatter this week
What's on steel buyers' minds this week? We asked about market prices, demand, inventories, tariffs, imports, and other evolving market trends. Read on for buyers' comments in their own words...
Join SMU and AMU for a Community Chat with Wiley on Trump, Trade, and Tariffs
Want to know the latest on Trump, tariffs, and trade policy - and the impact on both steel and aluminum? Then join SMU, AMU, and leading law firm Wiley for a Community Chat on Thursday, Nov. 13, at 11 am ET.
