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    Analysis

    October 16, 2025

    Final Thoughts

    Written by Stephen Miller

    The US scrap market finds itself in a familiar position as we progress into the final quarter of the year. 

    Over the last three years, the scrap market has traded in basically the same fashion, and it looks like a good bet that it will do it again. The predictable seasonality of the scrap market is reminding me more like how agricultural crops prices behave. Prices decrease during the harvest and become stronger as we lead up to the growing season. Well, for ferrous scrap the harvest is well behind us for obsolescent grades. The fields are withering and the next harvest won’t occur until springtime.

    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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