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    Analysis

    August 9, 2026

    SMU Scrap Survey: Current and Future Sentiment accelerate

    Written by David Schollaert & Stephen Miller

    SMU’s Current Sentiment Index for scrap jumped in August as Future Sentiment saw a sharp rebound, according to the latest data from our ferrous scrap survey.

    Current Sentiment Index

    SMU’s Current Sentiment Index for scrap buyers rose nine points to +93 this month vs. July. The results bring the index to its highest reading to date, topping the recent high of +86 set in April.

    Future Sentiment Index

    Not to be outdone, SMU’s Future Sentiment Index for scrap recovered after edging down marginally in July. August’s reading was nine points higher month on month (m/m) to +93 in August. This also bests the previous high of +86 set in June.

    What’s going on?

    This surge in both indices is a bit surprising given the broader letdown that the scrap industry is not sharing in steel’s present fortunes. The industry’s optimistic sentiment over the last several months, however, has some rational explanation: Trade was pleased scrap didn’t tank after winter’s end, prices are firm and better than recent memory, and steel production is up, helping to keep them there.

    Perhaps the trade sees the ongoing surge in domestic steel production as a positive trend. That’s been boosted by further expansion in steelmaking by both domestic and foreign players, which may be portending that the best is yet to come.

    Sentiment trends

    Sentiment Indices can be analyzed on a three-month moving average (3MMA) basis to smooth short-term variations and better highlight trends. Both 3MMA Sentiment Indices are at their highest levels to date.

    The Current Sentiment 3MMA registered +84.58 this week, up from +82.59 seen last month and an all-time high. (Figure 3, left). The Future Sentiment 3MMA has also been on a rally of sorts, increasing for the seventh survey in a row, currently at its best reading of +85.58 (Figure 3, right).

    About the SMU Scrap Buyers’ Sentiment Index

    The SMU Scrap Buyers’ Sentiment Index measures the attitude of buyers and sellers of ferrous scrap in North America. It is a proprietary product developed by Steel Market Update for the North American steel industry. Tracking scrap buyers’ sentiment helps gauge future behavior. If you would like to be included in our scrap market surveys, please get in touch with us at smu@crugroup.com.

    David Schollaert

    David Schollaert is deputy editor-in-chief for Steel Market Update. David joined SMU after more than a decade in the metals and mining industry in a myriad of different roles. Much of his early experience and expertise were within the coverage and analysis of steel-making raw materials and served previously as senior editor of the CRU Prices Service. Most recently, however, before his return to market analysis, David held roles as a metals buyer and an operations manager for raw material suppliers. He can be contacted at david@steelmarketupdate.com or 724-720-1008.

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    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.

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