Prices
March 10, 2026
US scrap tags land sideways in March, outlook for April soft
Written by Ethan Bernard
The US scrap market softened in March as most grades traded sideways, with prices seen falling next month, sources told SMU.
“We hung onto a sideways trend for most grades. But the market was far less firm than it was in February,” one source told SMU.
A second source was surprised prices didn’t land down further.
“Frankly, I am surprised as I thought the market could have moved down $20 per gross ton (gt) and mills would have received the same tonnages.”
Looking ahead, the first source said, it’s “pretty apparent the next move in April is lower.”
The second source said he expects April to drop a minimum of $20-30/gt.
SMU’s March scrap pricing stands at:
- Busheling at $450-$470/gt, averaging $460/gt, even with February.
- Shredded at $445-$460/gt, averaging $452.50/gt, up $5 from February.
- HMS at $390-$405/gt, averaging $397.50/gt, down $2.50 from last month.
The first source said US scrap prices continue to trade at a substantial premium, approximately $50/gt, to export prices.
“That gap should get closer to $20-$30/gt once scrap trades in April,” the source said. “And it could narrow further if export demand does not pick up as we get further into spring.”
He noted it seemed mills preferred to buy busheling scrap vs. shred because that spread has been so narrow.
“And with better weather and scrap flows likely to improve in the coming weeks and months, some large mill buyers figured they could back away from shred a bit for the time being, despite us not really seeing flows improve just yet,” the source said.
