Analysis
January 13, 2026
Ferrous Scrap Market Chatter in January
Written by Ethan Bernard
Every month, SMU polls participants in the ferrous scrap market on a variety of topics. These include prices, business conditions, and tariffs, among others.
These responses came in as the January scrap market was settling. SMU has reported that prices rose in January. Looks like that matched the general feel of the market: In our most recent survey, 73% saw January tags on prime grades rising, with 27% saying they would be sideways.
Let’s take a look at what else these participants are seeing on demand, tariffs, and pricing. 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. (For Premium subscribers, the full results are available here.)
How is demand for ferrous scrap?
“New year, restocking taking place. Likely last 60 days, then weaken.”
“Spring is coming and most mills are busy in US.”
“Mills are operating fairly well while scrap availability is down.”
“Mill tons have been stable over the past nine months.”
Where will busheling prices be in January?
“Oversupply.”
“The Canadians are not interested in selling at a loss.”
“Dealers are trying to squeeze every drop they can out of a stagnant market.”
“Demand is solid – so is supply.”
“Demand has increased but stable.”
“Some dealers held tons back in December, hoping to get more money in January. Some mills depleted inventory for year-end.”
How do you see ferrous scrap pricing behaving over the next 60 days?
“Weather and demand are creating momentum.”
“Ninety-day market. Excess prime scrap will come to the market and stop momentum.”
What impact have President Trump’s tariffs had and why?
“Seeing products resourced back into the US.”
“Price on aluminum is far too high relative to other metals and to the rest of the world.”
“Still being debated. No clear direction.”
