Contributor: Stephen Miller

US ferrous scrap prices rise in February.

Strategic Resources also discussed its project in Quebec, which will include a 4-million-ton/year DRI-quality iron ore pelletizer. It also plans to build a plant to produce DRI, then convert it to pig iron in an EAF.

There has been some recent activity of exports of basic pig iron from Brazil. Sources there agree on the activity but diverge on the pricing. What is new to the market in Brazil is the buying interest from the European Union, in particularly, Italy.

Sims Ltd. said on Monday it has acquired the assets of Tri Coastal Trading (TCT), Houston, for $66.5 million in cash.

SMU’s Current Sentiment Index for scrap jumped again in February, according to the latest data from our ferrous scrap survey. And the Future Sentiment Index remained the same for the third consecutive month.

SMU's ferrous scrap survey celebrates its one-year anniversary this month.

The US domestic scrap market is largely settled on February pricing. Despite poor weather conditions that have been wreaking havoc on scrap flows and deliveries to consumers, the pricing initially agreed between dealers and steelmakers has been fairly conservative.

The export market from the US and Canada has held firm, while slightly strengthening ahead of the domestic buying for February shipment.

The pig iron market has entered an upward phase now that ferrous scrap in both Europe and North America has also been increasing in price.

The US scrap market has come under pressure due to the extremely debilitating winter weather across the eastern half of the country.

The Italian authorities have seized a Russian cargo of hot-briquetted-iron (HBI) for violating European sanctions on Russian ferrous imports, according to media reports.

Speculation has already begun on what February has in store for the US scrap market after it rose $20-30 per gross ton (gt) in January,

The export markets in the Mediterranean Basin have shown firmness over the last month and have started to build in the first half of January.

The price spread between domestic hot-rolled coil and prime scrap widened for a fourth consecutive month in January, based on SMU’s most recent pricing data.

Reflections on visiting Venezuela in a different era.

The imported basic pig iron market has shown upward price movement over the last week.

The formation of the domestic scrap market for January shipments is underway and only partially settled as of this article's publication. The main point of contention is the price of #1 busheling and bundles.

There is disagreement over whether prices will increase meaningfully going into the new year. Prices did see a small increase in December, but several sources SMU has contacted have told us they are hearing price rises may be limited compared to past years.   

The export market in the Atlantic Basin has seen significant strengthening during Q4 as 2025 comes to a close. The strength has been mainly driven by Turkish buyers, but Italy has also been a contributor. 

The price of pig iron looks to strengthen as producing nations cite rising ferrous scrap values.

There are few firm predictions about the January scrap market in North America at mid-month except to say it will be stronger. The question is by how much?

Canadian steelmaker Algoma's plans to bring forward the scheduled full transition to electric-arc furnace (EAF) steel production by one year merits a revisit. Why? Because of its potential impact on ferrous scrap flows between the US and Canada.

The pig iron market in Brazil has moved up since our last report for US-bound cargoes.

The price spread between hot-rolled coil and prime scrap has widened for the third consecutive month in December, based on SMU’s most recent pricing data.

Let's take a look inside the last SMU Scrap Survey of 2025.

SMU’s Current and Future Sentiment Indices for scrap increased this month, according to the latest data from our ferrous scrap survey.

During the summer of 1989, I made a journey in search of recoverable scrap metal to a place I only studied in history books and in military training.

Major activity in the US scrap export market has occurred, mainly driven by Turkey.

A steelmaker in the Southeast has entered the market for shredded, P&S, and HMS at prices of $20/gt over November.

The situation has altered in the Brazilian pig iron market since our last update on Nov. 13. At the time, we reported things were at a standstill for sales to US-based steelmakers.