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    Analysis

    Final Thoughts

    Written by John Packard


    I want to take a moment to thank my Steel Market Update team that has been working almost 24 hours a day in order to stay on top of the Steel Summit Conference for this year. I am not positive but, I think we will be the second largest steel conference in the U.S. by the time August 29th gets here. First, I want to commend Ray Culley on his leadership and ability to wear multiple hats at one time (welcome to my world). Brett Linton has been a rock in making sure our website is up to date as well as working behind the scenes on printing of brochures, posters, the App, helping collect monies and keeping track of all of the registered (and not yet registered) attendees. Beside that, Brett also works with me on the newsletters and articles we do all week long. Diana Packard is responsible for billing, collecting the money, paying the vendors and making sure I don’t walk the plank on the extra busy days… Other than myself, these are the main people who are organizing this conference.

    There is still much more to do and we are bringing in the troops to help us reach the finish line and put on the conference. They include Peter Wright, John Eckstein, Steve Painter, Mario Briccetti, Sandy Williams and my son Ryan Packard.

    Latest in Analysis

    Scrap export market activity perks up

    There has been an upsurge in Turkish deep-sea scrap buying over the last week for December shipment. Prices paid increased but not as much as the trade expected.cDuring the last week, Turkey-based steelmakers bought at least seven cargoes, largely from the UK and Northern European suppliers, while virtually shunning higher priced US scrap. The initial wave of sales of HMS 80/20 ranged from $395-$398.50 per metric ton (mt) on a CFR basis. This equated to an average increase of less than $5/mt. The was one cargo bought later at $401/mt from this region.

    Market chatter: Supply, not price, dominates steel buyers’ concerns

    On Monday and Tuesday of this week, SMU polled steel buyers on an array of topics, ranging from market prices, demand, and inventories to tariffs, imports, and evolving market events. We are sharing a selection of the comments we received below, in each buyer’s own words. Before diving in, we reviewed all the responses collected and compiled these key takeaways: Respondents overwhelmingly anticipate further increases. Buyers cite limited supply, mill delays, low inventories, and steady-to-strong demand. Most say demand is generally stable to improving, with some purchasing driven by fears of higher prices or unavailable material rather than stronger underlying consumption. Most respondents report faster inventory turnover, while shortages are constraining sales and, in some cases, prompting customer allocations. Buyers increasingly see imports as a way to secure scarce material, though domestic-origin requirements, delivery timing, and pricing risks remain obstacles.

    Sheet prices surge as ’26 market squeeze spills into ’27

    Sheet prices soared this week as market participants increasingly predict that the strong market characterizing 2026 will stretch well into 2027. And with extremely limited spot availability, mills that have spot tons to sell are charging a significant premium, they said. The result: Sheet prices saw their highest week-over-week gains since March 2025, according to SMU's pricing records. That's when President Trump shocked the market by expanding Section 232 tariffs to cover traditional US allies such as Canada, Mexico, and the EU.

    Ferrous scrap prices seen rising in November

    Most SMU scrap sources are predicting a stronger scrap market for November. The increase in prices is generally thought be $20-30 per gross ton (gt) in most districts. However, there are differences of opinion about the upcoming price settlements. SMU spoke with a trading source in the Great Lakes region who told us mills in the Eastern Ohio and Western Pennsylvania regions are short on scrap. At least one buyer is offering to buy scrap at a $30/gt increase from October levels. He said most dealers have elected to wait to see where things settle before making commitments.