SMU Scrap Survey: Current Sentiment ticks up, Future Sentiment flat

Written by Ethan Bernard & Stephen Miller

SMU’s Current Sentiment Index for scrap inched up in March, according to the latest data from our ferrous scrap survey. The Future Sentiment Index, meanwhile, remained locked at the same level for the fourth consecutive month.

Current Sentiment Index

SMU’s Current Sentiment Index for scrap increased one point from February to +82 in March. This tops last month as the highest sentiment level since we began the survey in February 2025.

Future Sentiment Index

SMU’s Future Sentiment Index was +84 in March, the fourth straight month at that reading. In general, Future Sentiment has remained markedly bullish, with the lowest reading being +75 in May 2025.

What’s going on?

It is not surprising the indices stayed at a high level for March. Dealers and brokers were encouraged that scrap continued its resilience into March rather than taking a seasonal decline as in past years.

Part of scrap’s staying power is the result of a rough winter. However, the scrap trade has noticed steel prices rising lately and mills running better, which has contributed to positive sentiment.

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.schollaert@crugroup.com.

Ferrous Scrap

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.

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.