Analysis
June 14, 2026
Written by Michael Cowden
Summer doldrums? Not this year! SMU’s latest steel market survey indicates that an increasing number of steel buyers think prices will continue to rise along with the mercury.
What’s more, more survey respondents now think prices will remain on an upswing even as temperatures begin to cool in the fall. That’s a significant change compared to our last survey at the end of May.
Every month, SMU polls participants in the ferrous scrap market on a variety of topics, including prices. This month's survey results landed just as the November scrap market was starting to settle. Preliminary results show scrap prices rose across the board for all the products SMU tracks. Final prices will be in SMU later this week.
An explosion at a Turkish steel mill has the potential to impact several national ferrous scrap markets, including the US. On Monday, a serious accident at the Habas steel plant in Aliaga, Turkey, resulted in the deaths of at least 16 people, with 13 seriously injured, according to the Office of President Erdogan of Turkey. Authorities have launched a judicial and administrative investigation.
November scrap procurement has commenced in the US with buyers divided on the price increases from the previous month. Several mills reportedly sought a rise of $20 per gross ton (gt) while others saw $30/gt as the number. The $30/gt price tag mainly applies to the obsolete grades, like shredded, P&S and #1 HMS, with prime grades pulling up the rear at $20. SMU spoke to a Chicago-based source who said that market was up $30/gt and 20/gt on shredded and busheling, respectively. He also mentioned the integrated mills in this district are after heavier grades like P&S and railroad grades, like wheels. These grades have been in short supply since last summer. Our source believes they commanded prices up $30/gt while busheling was at plus $20.
The Aluminum Association is pushing for tariff rates to be aligned in Canada, the US and Mexico.
SMU’s Current and Future Scrap Sentiment Indices slipped in November, according to the latest data from our ferrous scrap survey. SMU’s Current Scrap Sentiment Index dropped four points to +84 this month. The index last touched +84 back in July. The low for this year so far was in January when Current Sentiment stood at +73.