Analysis
September 2, 2026
September scrap tags settle mostly sideways
Written by Stephen Miller
Ferrous scrap prices have landed largely sideways this month, sources told SMU.
The market quickly settled on Wednesday as 90% of the buying concluded, according to sources in several districts.
As previously reported in SMU’s Tuesday edition, most players predicted a “soft sideways” move, except for one source in the Western Pennsylvania area who insisted busheling would be up $10 per gross ton (gt). This turned out to be correct.
SMU spoke with two sources who confirmed mills in the Northern Ohio and Western Pennsylvania districts have raised #1 Busheling by $10/gt, while leaving obsolete grades sideways from August levels.
In the Southern region, mills have all bought September scrap at the same prices as August with little debate.
One source commented: “It happened fast today and started around noon.” He added that they finished in the late afternoon.
Sources also told SMU the Detroit market traded sideways with no reports of increases for prime material. Likewise, in the Chicago district, mills bought all grades sideways.
It appears steelmakers decided there was no point in possibly disrupting flows with their strong forward order book and exceptional spreads between finished steel and current scrap costs.
