Scrap market participants predict early settle at sideways or lower numbers

The August domestic scrap market looks like it might settle early amid continued strong demand for melting stock from domestic steelmakers and high prices for finished steel.

But that doesn’t mean mills won’t try to take down scrap prices, scrap market participants said. The general attitude in the trade is slight weakness based on current supply. However, not everyone agrees.

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.