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    Analysis

    Final thoughts

    Written by Ethan Bernard


    Sometimes, even in a bit of chaos, there is complacency. And it seems that since March 2020, “a bit of chaos” has been the order of the day. That means in the world at large, and in steel specifically. Since 2020, we’ve been lurching from crisis to crisis. Whether it’s a pandemic, or war in Ukraine, and now in the Middle East, a company’s job is to manage risk and always chart a course with profitability in mind.

    Lourenco Goncalves, Cleveland-Cliffs’ chairman, president, and CEO, raised the bar a bit while addressing the American Iron and Steel Institute’s (AISI’s) annual general meeting in Washington on Tuesday. He is also currently chairman of AISI.

    Ethan Bernard

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    Mills seek more scrap after lower prices fail to attract tons

    Several mills that bought October scrap early last week are still asking for additional supplies, scrap market participants said. The reason: the mills' initial prices did not attract enough of the raw material, they said. A trading source based in northern Ohio said three mills have contacted his firm seeking offers for additional tons. He said the mills asked for offers even if prices were higher than their original buys last week.

    The words "Aluminum Market Update" in white against a dark blue background

    AMU: Edward Meir’s week in review and thoughts for the week of Oct. 12, 2026

    Base metals had a mixed week. Tin lost almost 4% on the week, finishing at $53,000/ton. Prices dropped to a low of $51,259/ton at one point. Aluminum was another loser, off by about 1.6% on the week. Investors are expecting more aluminum supply going forward, especially out of China and Indonesia. Copper prices tacked on 1.1%. They have now recovered more than half of the $700/ton loss sustained (over the course of a week) following reports/rumors in mid-September that US tariffs on refined copper imports might not proceed after all.

    Leibowitz: US steel prices skyrocket above world prices. Which are right?

    Steel markets in the United States now feature supply shortages. Spot tons are well-nigh unavailable, and even contract tons are scarce. Based on the available statistics, the US market for flat-rolled products is seriously constrained. The US economy is still the strongest in the world, and manufacturing output remains vigorous. But the available supply is tight. The reason is fairly obvious. US domestic supply has increased a bit. Meanwhile, imports have fallen significantly.