- HMS and shredded scrap indices record monthly declines
- Weak steel demand keeps domestic scrap market subdued
The RMDAS ferrous scrap index showed a slight downward trend on 21 July 2026 compared with 21 June. Shredded scrap prices declined by $5/t to $428/t, while HMS prices fell by $8/t to $374/t. Meanwhile, the prompt industrial composite scrap index also edged down by $2/t to $469/t.
The modest decline in benchmark indices reflects subdued market sentiment rather than a significant correction in domestic scrap prices. Following the July trading cycle, the US ferrous scrap market remained largely balanced, with prime grades trading sideways as mills maintained comfortable inventories and procurement activity stayed measured.
Market sentiment remained cautious amid weak demand for long steel products, seasonal mill maintenance, extreme summer heat and power curtailments, all of which continued to weigh on steel production and scrap consumption. Buyers remained selective despite ample scrap availability, while sellers pointed to firm freight costs and stable collection economics as factors limiting further downside in export prices.
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