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The US ferrous scrap market remains bullish entering February, with the Trend Indicator rising to 72.8 – the highest reading since April 2022 – suggesting continued upward pressure on prices. This follows January’s strong 6.6% price gain, with a forecasted increase of 5.1% for February. The main driver remains constrained supply, with inventories reported at 45.6, well below the neutral 50 mark, signaling persistently tight availability.
Read on for some highlights from our US ferrous scrap market survey for February or click here to download your copy of the full US scrap trends outlook.
Severe winter weather continues to hinder collection and intake, particularly in the Midwest, echoing widespread concerns among participants. The open-ended responses overwhelmingly cite weather as the dominant factor, with multiple mentions of frozen logistics, stalled flows, and reduced obsolete grades.
The open-ended responses overwhelmingly cite weather as the dominant factor Survey participant
The open-ended responses overwhelmingly cite weather as the dominant factor
Survey participant
Consensus around market direction is lower, though, with a Trend Indicator consensus of 70 – above the long-term average – suggesting weak alignment in expectations and diverging views between market segments, all bullish. Sellers remain the most bullish with a 73.6 indicator, followed by brokers at 75.0 and buyers trailing at 69.64.
Lower supply continues to drive market sentiment and pricing behavior. With little relief expected from weather patterns in the short term and no significant inventory build. Unless intake improves markedly, tight supply conditions may persist into March, sustaining price support across scrap grades.