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    Analysis

    August 18, 2026

    Miller on Scrap: Does quiet August signal soft September?

    Written by Stephen Miller

    August has been quiet thus far, with scrap suppliers working on completing their current orders as signals of a weaker September start to appear. However, sources say it will not drop very much, though everyone is not on the same page.

    Over the last several months, the US market has seen prime grades trade sideways while shredded and HMS have dropped about $10 per gross ton (gt) each month. This price erosion of obsolescent grades of scrap has not materially slowed down the flows into dealers’ yards. However, there is a contingent who believes this cannot continue much longer.

    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.

    Read more from Stephen Miller

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