Analysis
April 10, 2026
SMU April scrap tags flat on prime, down $20 on shredded and HMS
Written by Ethan Bernard
US scrap prices came in flat on busheling in April, while shredded and HMS both traded down, sources told SMU.
“April trade dynamics were sideways pricing for prime grades and generally down $20 per gross ton (gt) for all other grades,” one scrap source told SMU.
A second source said the Ohio Valley “followed the general trend down $20 and sideways.”
SMU’s April scrap pricing stands at:
- Busheling at $450-$470/gt, averaging $460/gt, the same level as March.
- Shredded at $425-$440/gt, averaging $432.50/gt, down $20 from March.
- HMS at $370-$385/gt, averaging $377.50/gt, down $20 from last month.
The first source noted that, in some cases in the South, dealers were able to negotiate down $10/gt deals for shred.
“But there were not a lot of them, and I am not sure at what price level they really started at,” he added.
Outlook
As far as May goes, the second source said the feeling for next month is strong sideways. “Most expect stronger domestic demand and continued rising export markets.”
Meanwhile, the first source said his sense is that the market is pretty stable.
“There are a bunch of factors that support that, in my opinion: rising export prices, rising transportation costs, very strong US domestic mill demand, and now we have a down price month with delivered shred prices in the low $400s,” he said.
Over the last several years, the low $400s “are pretty moderate levels” and are now close to export shred prices delivered to Turkey.
On the flip side, the source asked, could the market trade a little lower in May if spring scrap flows get very heavy in April and, for some reason, geopolitical events cause export buying to stop?
“Yes, it’s possible, but I don’t think very probable,” he said. “And if it happens, the downside is limited.”
