Ethan Bernard

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 spread between domestic hot-rolled (HR) coil and prime scrap prices widened for the 13th consecutive month in October, hitting another multi-year high.

Fourth quarter ended Aug. 31 2026 2025% Change

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%.

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.

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).

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.

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.

Maynards Group of Companies has acquired the operations of Netherlands-based Hilco Industrial Acquisitions (HIA).

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.