Category: Raw Materials

There has been considerable upward movement in the US prices paid for future shipment of Brazilian-produced pig iron over the last week. 

The CRU Metallics Price Indicator (CRUmpi) rose by 5.0% m/m in February to 293.7, a five-month high. Scrap prices increased in different degrees this month, reflecting the confidence level in the steel market across different regions. While US scrap prices rose sharply m/m due to limited availability, those in Europe and Asia had only small […]

The ferrous scrap market in the US and Canada is trying to find its way through difficulties that could well determine its direction over the next several months.

The price spread between hot-rolled coil (HRC) and prime scrap widened in February ahead of the implementation of President Trump’s tariffs on steel.

The February scrap market has settled higher on all grades SMU covers.

A comparison of the current cost of pig iron vs. busheling scrap.

The reprieve for Canadian and Mexican tariffs this week has left some uncertainty for the February scrap market, with some sources pointing towards a $20-per-gross-ton (gt) increase.

The scrap and metallics market has reacted to the tariffs potentially being implemented on our neighbors to the north and south. These could have a serious impact on the market, especially on Canada, unless these products are exempted.

On Jan. 18, Teck Resources announced that it expects its Trail smelter in Canada to produce 190,000 to 230,000 metric tons (mt) in 2025, down 10-25% from its 256,000 mt output in 2024. The company announced that the lower output was to maximize profitability and value amid the current tightness in zinc concentrate availability relative […]

The US scrap market sentiment has become more bullish over the last week. Many districts are telling SMU that the potential rise in prices will exceed the earlier estimate of $20 per gross ton (gt).  Several sources have pegged the February market as up $30-50/gt. Here are several regional viewpoints from the trade: In the […]

A majority of SMU survey respondents expect US prime scrap tags to land sideways in February. In our most recent survey last week, 51% said US prime scrap prices would be flat next month, and 46% anticipate rising prices; the small remainder think prices will fall. Recall that the January ferrous scrap market settled before […]

There is no doubt pig iron will be needed to fuel the expansion of flat-roll capacity in the US and Canada. Where will it come from? How much will it cost? What will be the quality? Is it a good business to produce merchant pig iron? The US imports between 4-6 million metric tons (mt) per year of […]

Turkish scrap prices showed little change week over week (w/w), with HMS 80:20 and shredded grades assessed at $343 per metric ton (mt) and $357/mt, respectively. Turkish scrap prices remained steady during the third week of 2025, with HMS 80:20 unchanged at $343/mt, while Shredded grades fell edged lower $5/mt to $357/mt based on confirmed […]

The US scrap market for February has a lot of moving parts that need to mesh before an accurate picture can emerge. However, the general opinion for next month is an increase of at least $20 per gross ton (gt), according to sources contacted by SMU. Among the issues are winter weather decreasing scrap flows, […]

The US and Canada have a long history of exporting ferrous scrap to numerous other countries over the last 100 years. During this period, the countries supplied have varied. In the last century, the main export destinations were Japan, South Korea, and the Far East in general. As the installation of EAF melting proliferated, the […]

The price spread between hot-rolled coil (HRC) and prime scrap continued to narrow in January, according to SMU’s most recent pricing data. While SMU’s average HRC price edged down week over week (w/w), it rose compared to a month ago. The January price for busheling also increased from December. Our average HRC price as of […]

The export scrap markets continue to lose ground. Unlike the domestic markets in the US and Canada, which have shown some strength in January, there have been multiple sales by US East Coast (USEC) exporters at lower prices, even after the US markets prices settled. And February looks even stronger. There are several reasons for […]

US scrap tags rose for all the grades tracked by SMU in January in what was deemed a "restocking rally," sources said. The January market was up ~$20 per gross ton (gt) across the board. This did not include turnings, which were up $30/gt.

Pig iron prices declined in all regions as the EU’s 2025 import quota on Russian pig iron has begun, loosening global supply.

The ferrous scrap market at the start of the new year came into focus late yesterday, with overall prices seen rising from December.

The company said the biggest headwind it's facing is the downturn in manufacturing.

A bleak outlook for steel demand has undermined market confidence, contributing to the drop in prices.

Prices for pig iron imports into the US continue to retreat in the face of regional weakness in demand for ferrous raw materials in South Asia and the Far East.

The ferrous scrap markets start the year off in a battered condition after a real drubbing in 2024. There is optimism, but this was felt at times last year, only to succumb to the reality of weak demand and lower steel production.

The role of dealer resistance has had many ups and down over the last decades. At times dealer resistance to ferrous scrap pricing was justified and had positive effects on prices.

The US domestic ferrous scrap market had a rough 2024, despite optimism as the year started.

The prices being paid by US-based buyers has continued to decline as ferrous raw material demand across the globe remains weak.

Scrap prices were stable-to-down in most regions as demand weakness offset seasonal supply tightness

The price spread between hot-rolled coil (HRC) and prime scrap narrowed slightly in December, according to SMU’s most recent pricing data.

Last week, the export community in the Atlantic Basin was licking its wounds over a Northern European sale at a two-year low of $325 per gross ton (gt) for HMS 80/20 to Turkey.