Contributor: Stephen Miller

Earlier this week, several steelmakers entered the market with prices for shredded, plate and structural (P&S), and heavy melting steel (HMS) up $20 per gross ton (gt) from September. Prices on prime grades were initially missing but were then reported as up only $10. This occurred in select regions, mainly in the northern tier. As the week went on, expectations were that the rest of the market would follow suit. But this has not been the case.

Philip K. Bell, head of the Steel Manufacturers Association (SMA), delivered the opening presentation at the fall meeting of the International Iron Metallics Association (IIMA) in Chicago this week. He touched on three key themes: Section 232, the Mesabi Metallics mill in Iowa, and the increasing importance of financial experience for leadership positions in steel.

The October market for domestic ferrous scrap is viewed with optimism mainly by participants on the selling side

There has been sustained export activity from the US on both the East and West Coasts. Prices have continued to rise, influenced by several factors, including elevated freight costs and firming markets in exporting countries.  

The import market for pig iron may have bottomed out, according to sources in Brazil.

With the recent surge in steel prices and the increased melt rate, the price of ferrous scrap has only marginally improved.

The scrap market for October is looking for direction as some participants on both sides of the furnace are indicating scrap prices are poised for an increase.

SMU’s Current and Future Scrap Sentiment Indices fell in September, according to the latest data from our ferrous scrap survey.

The prices for export scrap from the US East Coast jumped by $5 per metric ton (mt) on recent sales.

The market activity for pig iron imports in the US has been limited recently. However, there have been two cargoes transacted from Brazil as well as continuing imports from India.

Ferrous scrap prices have landed largely sideways this month, sources told SMU. The market quickly settled on Wednesday as 90% of the buying concluded, according to sources in several districts. It appears steelmakers decided there was no point in possibly disrupting flows with their strong forward order book and exceptional spreads between finished steel and current scrap costs.

Ferrous scrap prices could be poised for a sideways move in September as supply and demand are seemingly in reasonable balance, sources told SMU.

SMU welcomed to the stage George Adams for a Fireside Chat at the 2026 SMU Steel Summit on Wednesday.

The export markets on both coasts have not changed very much over this last week.

The Association of American Railroads (AAR) has agreed to rescind the Open Top Loading Rule (OTLR), according to a notice issued by the Recycled Material Association (ReMA).

There has been a resumption in pig iron activity in Brazil on the part of US-based steel mill buyers. Sources have confirmed there were two fresh deals concluded from South Brazil.  

August has been quiet thus far, with scrap suppliers working on completing their current orders as signals of a weaker September start to appear.

The pig iron market in the US has been thrown into uncertainty. The culprit? Indian material being imported into the US at prices well under the prevailing Brazilian level.

The spread between domestic hot-rolled coil and prime scrap prices widened again in August, a trend that began nearly a year ago.

There has been renewed activity in the Turkish deep-sea export arena as buyers continue to fill in their September needs.

SMU’s Current Sentiment Index for scrap jumped in August as Future Sentiment saw a sharp rebound, according to the latest data from our ferrous scrap survey.

After a brief delay in regional scrap buying, things are now virtually complete. There was some suspense during the middle of the week that a surprise in scrap prices from the larger mills was in store. Ultimately, however, nothing very dramatic happened.

The US domestic scrap market seemed to get off to a fast start on Tuesday, but things have begun to get drawn out again as mills are still considering August pricing. Several of the larger multi-mill buyers have not officially settled.

The August domestic scrap market looks like it might settle early amid continued strong demand for melting stock from domestic steelmakers and high prices for finished steel.

A look at trends in the international scrap market.

The US Trade Representative (USTR) exempted Brazilian pig iron from Section 301 tariffs for faced labor concerns, so what's the story now?

The export market for scrap for Turkey has come back to life over the last week.

The Brazilian pig iron trade with the US has resumed after a month of inactivity.

A mid-month look at the developing US August scrap market.

The US reliance on foreign pig iron has led some to eye bringing production back to our shores.