Contributor: Ethan Bernard

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. As the final numbers come in, we'd like to share where survey respondents thought prices would be on busheling, shredded, and HMS scrap, as well as where they see prices heading over the next 60 days.

Nova Steel, a steel pipe fabricator based in Montreal, has announced layoffs it claims are related to an alleged surge of low-priced imports. The Canadian company announced the temporary layoff of 36 employees at its Saint-Patrick facility, effective Friday, Nov. 13. Nova said unfairly traded steel pipe imports have affected it for years. The company noted that it has brought trade cases to the Canadian government to address the problem.

Russel Metals’ earnings soared in the third quarter amid strong market conditions as revenue hit a quarterly record. The Mississauga, Ontario-based metals distributor reported net earnings of Canadian $125.5 million (USD$88.8 million), 259% higher than CAD$35 million a year earlier. Net sales increased 56% to CAD$1.82 billion in the same comparison, a record quarterly level. The company said Q3’26 shipments from its metal service centers fell 3% vs. the second quarter due to normal seasonal factors but rose 29% from a year earlier.

Canadian Minister of Industry Melanie Joly has urged that Canada’s Competition Bureau examine Cleveland-Cliffs’ conduct in the Canadian marketplace following its Stelco acquisition. Minister Joly sent a letter to Jeanne Pratt, Commissioner of Competition, on Friday, regarding testimony Cliffs Chairman and CEO Lourenco Goncalves made to the US Congressional Steel Caucus, and a subsequent interview to the CBC. oly said that in the Caucus testimony, “Goncalves stated that his company had acquired Stelco to ‘block’ it from selling into the US market.”

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.

U.S. Steel’s profits soared in the third quarter amid higher steel prices and increased shipments. The Pittsburgh-based steelmaker reported net earnings attributable to USS of $859 million in the third quarter, up 759% from $100 million a year earlier. Net sales rose 26% to $4.78 billion in the same comparison. The company said all four of its operating segments generated positive results in Q3’26. “Higher average realized prices and higher shipment volumes drove improvement across the portfolio,” the company said in a statement on Thursday.

US steel shipments fell in September from the previous month but increased marginally on-year. Domestic mills shipped 8,047,607 short tons (st) in September, according to the latest figures from the American Iron and Steel Institute (AISI). That’s down 2.1% from the 8,220,554 st shipped in August, but up slightly from 8,032,536 st in September 2025. Year-to-date (YTD) shipments through September stood at 72,014,802 st, up 4.8% vs. 68,732,750 st in the same period last year.

Worthington Steel Chief Executive Geoff Gilmore said this is the toughest steel market he's seen in his nearly three decades in the industry. Gilmore, president and CEO of Columbus, Ohio-based Worthington Steel, recently spoke to SMU about the progression of the company’s acquisition of Germany-based Kloeckner & Co, as well as trends he’s seeing in the market and in the service center space. “I've been in the business for 28 years, and this is the toughest market that I've encountered,” Gilmore told SMU. He cited factors such as stretched lead times, mill consolidation, maintenance outages, and very limited imports affecting availability.

The Steel Manufacturers Association (SMA) and the American Iron and Steel Institute (AISI) have weighed in on yesterday’s midterm elections that saw Democrats gain control of both the Senate and the House of Representatives. “Last night's elections delivered historic gains for Democrats in Congress,” SMA EVP Brandon Farris said in a statement to SMU on Wednesday. “Thankfully, a strong American steel industry transcends party lines." He said SMA's mission remains clear. It includes defending “the policies that have helped drive historic investment, strengthen American manufacturing, secure reliable and affordable energy, and ensure domestic steelmakers can compete on a level playing field.”

GrafTech International recently celebrated its 130th anniversary. The Brooklyn Heights, Ohio-based graphite electrode producer has a long and storied history. To discuss that story, Alexey Simushkin, director of marketing and marketing intelligence at GrafTech, sat down with SMU. He talked about the company, the market, and GrafTech’s outlook for the future. With over 70% of the US steel produced using electric-arc furnace steelmaking, graphite electrodes are an important component for the domestic steel industry.

Construction has been an uneven market over the last year, but data centers have been a bright spot. Ken Simonson, chief economist for the Associated General Contractors of America (AGC) sat down with SMU Editor-in-Chief Michael Cowden last week for a Community Chat. In a far-ranging conversation, Simonson spoke on the current state of construction and wider issues in the economy. (For SMU Premium subscribers, you can watch replay of the entire interview here.)

SMU’s Current Steel Buyers’ Sentiment Index ticked up slightly this week, while Future Sentiment fell, according to our latest market survey. Every two weeks, SMU polls thousands of steel-industry executives, asking them to rate their companies’ chances of success today and also three to six months down the road. We use their responses to calculate our proprietary Current and Future Steel Buyers’ Sentiment Indices, measures tracked since 2008.

Algoma’s net loss narrowed in the third quarter, but the company continues to be affected by US tariffs and the transition to electric-arc furnace (EAF) steelmaking. The Sault Ste. Marie, Ontario-based steelmaker reported a net loss of Canadian $129.6 million (USD$92.6 million) in the third quarter ended Sept. 30, narrowing 73% from CAD$485.1 million a year earlier. Net sales dropped 52% to CAD$249.4 million in the same comparison.

Maynards Group of Companies has acquired the operations of Netherlands-based Hilco Industrial Acquisitions (HIA). Livonia, Mich.-based Maynards said on Tuesday the deal expands its capabilities in heavy-industrial asset acquisition, valuation, project management, and monetization. The deal will take effect on Oct. 30.

Brazilian steelmaker Gerdau’s North American operations posted higher profits in the third quarter as shipments increased. The company posted adjusted EBITDA of 2,912 million reais (USD$567 million) in the third quarter ended Sept. 30 for its North American operations, up 60% from 1,820 million reais from a year earlier. Net sales rose 14% to 10,512 million reais in the same comparison.

Canada’s Minister of Industry Melanie Joly has said she won’t meet with Cleveland-Cliffs until it presents a plan and a timeline to restore jobs at its Stelco operations in Hamilton, Ontario. This follows the Cleveland-based steelmaker saying on Monday it was in full compliance with undertakings related to its buy of Stelco in 2024. Stelco announced layoffs affecting up to 500 workers last month. The company cited the impact of US Section 232 tariffs. Subsequently, the Canadian government alleged that the layoffs violated commitments Cliffs made when it purchased Stelco in 2024.

Worthington Steel said it did not receive sufficient approval from shareholders of German service center Kloeckner & Co. for a proposed domination and profit and loss transfer agreement (DPLTA). Under German law, a DPLTA gives a parent company the right to issue binding instructions to the management of a subsidiary. Kloeckner held an extraordinary general meeting on Friday, Oct. 23, in Dusseldorf, during which a shareholder vote on the DPLTA took place. At least 75% of the capital represented at the meeting had to vote in favor of the DPLTA for the measure to pass.

SMU’s Current Steel Buyers’ Sentiment Index ticked up this week, while Future Sentiment remained flat again, according to our latest market survey.  Every two weeks, SMU polls thousands of steel-industry executives, asking them to rate their companies’ chances of success today and also three to six months down the road. We use their responses to calculate our proprietary Current and Future Steel Buyers’ Sentiment Indices, measures tracked since 2008.

Sheet buyers found mills slightly more negotiable on price this week, while plate buyers thought mills were less flexible on spot price tags, according to our latest survey data. Every two weeks, SMU surveys service center and manufacturer buyers to see whether mills will negotiate on new spot sheet and plate orders. In this week’s survey, 14% of respondents said mills were willing to talk price to secure an order, up three percentage points from two weeks earlier (Figure 1). This is the highest reading since July 8, when the rate stood at 18%.

The spread between domestic hot-rolled (HR) coil and prime scrap prices widened for the 13th consecutive month in October, hitting another multi-year high. SMU’s hot-rolled (HR) coil price stands at $1,280 per short ton (st) on average this week, up $10/st from last week and a $40/st increase from a month earlier. Meanwhile, busheling averaged $480 per gross ton (gt) in October, rising $12.50/gt higher from September.

CMC’s earnings increased in its fiscal fourth quarter, aided by strong growth in its North America Steel Group. The Irving, Texas-based longs steel producer and metal solutions provider reported net earnings of $212.5 million in its fiscal fourth quarter ended Aug. 31, up 40% from $151.8 million a year earlier. Net sales rose 26% to nearly $2.66 billion in the same comparison. The company said that core EBITDA growth increased 11.3% sequentially in its fiscal Q4 to $393.7 million, led by its North America Steel Group. In that segment, stronger margins and volume growth drove 60 basis points of core EBITDA margin expansion.

Ferrous scrap prices rose in October as the market grew firmer, scrap sources said. “Overall, the main drivers of this October were strong US mill demand and order books, an export market that had risen over the course of September but has now pulled back slightly, and the season,” one source told SMU. He said at this time dealers and mills anticipate that scrap flows will begin to slow down moving into the end of the year.

The Dodge Momentum Index (DMI) expanded in September, according to the most recent report from the Dodge Construction Network (DCN).

The United Steelworkers (USW) union has not yet reached a labor agreement with either U.S. Steel or Cleveland-Cliffs.

Ferrous scrap prices appear to be up in October as trading gets underway, according to preliminary reports from market sources. One source said a Detroit-area buyer purchased shredded and plate and structural (P&S) at up $20 per gross ton (gt), with busheling up $10/gt. A second source said shredded and cut grades look like they'll be up $20, but trading hasn't begun in earnest yet as of Tuesday morning. 

CRU Research Principal speaks about the implication of Mesabi Metallics' proposed steel mill in Iowa.

Iron ore shipments from US ports on the Great Lakes slipped in September from a year earlier, according to the Lake Carriers Association (LCA).

SMU’s Current Steel Buyers’ Sentiment Index fell this week, while Future Sentiment remained flat, according to our latest market survey.  

Startup steelmaker Hertha Metals has secured $133.65 million in its Series A round of funding, including a $65 million equity investment from the US government.

The overall mill negotiation rate ticked up slightly this week, but the overwhelming majority of buyers are still finding mills inflexible on price, according to our latest survey data.