If you are new to the ferrous scrap market, one of the first things that may confuse you is the pricing unit. While non-ferrous metals like copper, aluminum, and brass are priced per pound, steel scrap in the United States is priced per gross ton. Understanding this convention and the factors that drive the price per ton is essential for anyone building pricing tools, trading systems, or analytical dashboards for the ferrous market.
Gross Tons vs. Short Tons vs. Metric Tons
A gross ton (also called a long ton) equals 2,240 pounds. This is the standard unit for domestic US ferrous scrap trading. A short ton equals 2,000 pounds and is used in some contexts, particularly for finished steel products. A metric ton (or tonne) equals 2,204.6 pounds and is the standard for international trade.
When someone quotes you HMS 1 at $380, they mean $380 per gross ton of 2,240 pounds unless otherwise specified. Confusing gross tons with short tons creates a 12% pricing error, which at scale can mean thousands of dollars on a single truckload.
Current Pricing Levels
As of early 2026, domestic ferrous scrap prices are trading in ranges that reflect steady but not booming demand. HMS 1 has been ranging between $350 and $420 per gross ton depending on region and mill demand. Busheling, the premium factory scrap grade, trades at a $30 to $80 premium over HMS 1. Shredded scrap typically prices between HMS 1 and Busheling.
Export prices for HMS, particularly for shipments to Turkey and other Mediterranean buyers, have been running $20 to $50 below domestic prices after accounting for freight and handling.
What Determines the Price
Mill demand is the primary driver. Electric arc furnace (EAF) steelmakers, who now produce over 70% of US steel, consume enormous quantities of scrap. Their buying patterns, driven by order books and inventory levels, set the market tone each month.
Geography matters significantly. Scrap prices in the Ohio Valley, close to major EAF mills, can differ by $20 to $40 per ton from prices on the Gulf Coast or West Coast. Transport costs create these regional differentials.
Quality and preparation affect pricing at the transaction level. Properly prepared scrap that meets ISRI specifications without oversized pieces, excessive attachments, or prohibited materials commands the published price. Loads that require additional processing trade at a discount.
Accessing Ferrous Scrap Prices
The ScrapMetal API provides current prices for HMS 1, HMS 2, Shredded, and Busheling grades, all quoted in the industry-standard per gross ton unit. Responses include the region and source so you can contextualize the price for your specific market. Historical data on paid plans enables trend tracking and seasonal analysis.