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    Analysis

    November 7, 2025

    Scrap Market Chatter in November

    Written by Ethan Bernard & Stephen Miller

    Every month, SMU polls participants in the ferrous scrap market on a variety of topics. These include things like prices, business conditions, tariffs, among many others.

    Note that these responses came in as the November market was settling. SMU has reported that prices came in mostly sideways this month. Looks like that was the general feel of the market. In our most recent survey, 74% saw November tags on prime grades coming in flat, with 13% forecasting up and another 13% anticipating a drop.

    What’s interesting is that our scrap survey participants had a slightly bleaker view of President Trump’s tariffs than steel survey participants. This month, only 19% of scrap respondents had a favorable view of the tariffs vs. 21% of steel survey respondents in our most recent survey.

    Let’s take a look at what else these participants were seeing. We’ll post the slides, followed by the respondents’ comments.

    Want to share your thoughts? Contact david@steelmarketupdate.com to be included in future market questionnaires.

    Prime scrap prices in November will be:

    “Demand is strong. Steel mill order books are good.”

    “There is enough scrap in the pipeline that mills do not need to raise prices.”

    “Demand is low.”

    Two months from now, how do you see ferrous scrap pricing behaving?

    “Weather.”

    “Balanced demand/supply.”

    “It’s highly controlled, but export is up and winter is coming on.”

    “Soft up likely close to flat.”

    “Automotive demand is down and supply will be lower.”

    What impact have President Trump’s tariff policies had on your business?

    “Uncertainty.”

    “Don’t understand why domestic mills are not busier.”

    “Shot the price of stainless and aluminum to be the highest in the world and beyond the reach of most customers currently. Sadly, will create demand destruction into 2026.”

    “As a domestic steel buyer/consumer with sufficient contracts – our availability and pricing have been sufficient and steady.”

    “Tariffs are affecting costing.”

    How is overall demand for domestic scrap?

    A clear majority of respondents indicated overall demand was either stable or improving, while a mere 8% thought demand was declining. Demand improvement went up 10 percentage points over October.

    Ethan Bernard

    Ethan Bernard is managing editor for Steel Market Update. He previously worked for American Metal Market as a copy editor in the New York office for two years, starting in 2008. Later, he copy edited AMM’s monthly magazine on a freelance basis from 2015 until 2017. With experience in financial copywriting and textbook publishing, he holds a BA in Comparative Literature from UC Berkeley, and an MFA. in Creative Writing from New York University. He can be reached at ethan@steelmarketupdate.com or 724-759-7871.

    Read more from Ethan Bernard

    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

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