Analysis
May 11, 2026
May scrap mart limps towards settle, prime tags mixed
Written by Stephen Miller
The May scrap market took much longer to settle than most players anticipated, but the results are mostly in. As it turned out, the prime grades were the only significant point of debate and those prices ended up mixed.
Nationally, busheling prices varied from sideways to +$20 per gross ton (gt). Regarding obsolescent grades, shredded prices held at the same levels as last month. There were some scattered buys of HMS and P&S in the Midwest, which fell by ~$5-10/gt mainly due to the end of “spring clean-up.”
In the northern districts, the prices of primes grades increased by $20/gt in the Northeast, Mid-Atlantic, Pittsburgh, and Northern Ohio, while obsoletes went sideways. The influence of a firm export market had an effect on secondary grades, with busheling being bolstered by increasing pig iron tags and solid demand.
The South is where prices on #1 busheling varied the most. Several mills kept prices sideways across the board in Arkansas and Mississippi. Steelmakers in Alabama and South Carolina upped busheling tags by $10/gt after larger suppliers resisted these initial sideways bids, according to a seller in this region. Prices for shredded scrap, P&S, and cut grades went sideways in this region, with a few small exceptions.
In the Detroit and Chicago districts, things did not completely settle until Monday as mills in this region sought to reduce pricing on cut grades and to keep busheling sideways.
In the Detroit market, prices were all sideways with the exception of machine shop turnings (MST), which were reduced by $10/gt. One of the larger buyers does have an upcoming outage and this may have played a role in the decision to buy busheling even with April prices.
A large EAF mill in the Illinois district entered the market belatedly and was able to buy both HMS and P&S down $10/gt while keeping shredded and busheling sideways. There were some reports of smaller buyers able to buy scrap sideways to down farther to the west.
In Texas, we spoke to a Houston-based supplier who characterized their market as sideways. He said they were expecting prices on primes grade to be firmer, but their main mill customers held sideways.
He added demand was good and the market has “liquidity.” The supplier also mentioned the industrial scrap generators, which his firm services, seem to be much busier than in the recent past.
