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    Analysis

    February 5, 2026

    Final Thoughts

    Written by Ethan Bernard & Stephen Miller

    SMU’s ferrous scrap survey turns a year old this month. It’s been great to get all of your input on what has been an interesting year for scrap. While tariff news was in the background, prices just bumped along for most of 2025. So where do we stand now?

    Well, it seems prices jumped this month as the market is mostly settled. But let’s give SMU’s Steve Miller, and his over 40 years in the scrap industry, a chance to analyze some of the data.

    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.

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    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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