Chicago’s ferrous scrap market continues its upward momentum in November, building on October’s $30/GT increase across all grades. Prime grades are seeing a $20/GT increase, while cut grades and shredded scrap are gaining $25–$30/GT.

Tighter scrap supply, steady Midwest mill demand, and improving export activity continue to support higher pricing. With scheduled mill outages largely behind us, purchasing activity is strengthening as mills replenish inventories heading into year-end. Meanwhile, non-ferrous markets remain mixed, with copper experiencing continued volatility, aluminum showing uneven movement, and stainless steel remaining sensitive to nickel pricing.

Key Market Takeaways

Ferrous Prices Continue to Climb: Chicago prime grades are increasing $20/GT, while Heavy Melt is rising $25/GT and Plate & Structural and shredded scrap are gaining $30/GT in November.

Obsolete Grades Lead November’s Gains: Tighter supply and continued demand are supporting stronger increases for cut grades and shredded scrap.

Scrap Supply Remains Tight: Slower inbound flows, lean yard inventories, and seasonal supply constraints continue to support higher pricing.

Mill Demand Strengthens: With scheduled maintenance outages largely behind them, Midwest mills are increasing purchasing activity as they rebuild inventories.

Non-Ferrous Markets Remain Mixed: Copper continues to experience price volatility, while aluminum and stainless steel remain influencedby broader demand conditions.

Chicago’s Ferrous Scrap Market

Chicago’s ferrous scrap market continues to build on October’s upward movement, with tighter scrap availability and steady domestic mill demand supporting another month of price increases. While October saw prices rise evenly across all grades, November is bringing stronger gains for cut grades and shredded scrap.

Prime Grades. Prime grades, including No. 1 Bundles and No. 1 Busheling, are increasing $20/GT in November, following October’s $30/GT gain. Limited supply and steady demand from Midwest steel mills continue to support prime pricing, although gains are more moderate than those for obsolete grades.

Cut Grades & Shredded Scrap. Cut grades are posting stronger gains in November, with Heavy Melt increasing $25/GT and Plate & Structural rising $30/GT. Shredded scrap is also gaining $30/GT. Slower inbound scrap flows, relatively lean inventories, and improving export demand continue to support these grades as buyers compete for available material.

Scheduled mill outages that affected purchasing activity throughout September and October are largely behind us. As Midwest mills return to normal production schedules, inventory rebuilding and year-end purchasing requirements are providing additional support for scrap demand.

Seasonal slowdowns and higher transportation costs remain important factors as colder weather approaches, adding pressure to material availability heading into December.

“We’re seeing the strength from October carry into November. Tight scrap supply and steady mill demand continue to support higher prices as we approach the end of the year.” said Lou Plucinski, President of BL Duke.

Chicago’s Non-Ferrous Scrap Market

Aluminum. Aluminum markets continue to show mixed movement in November. Domestic demand, trade conditions, and North American premiums remain important factors influencing pricing, with market conditions varying across scrap grades.

Stainless Steel. Stainless steel pricing remains sensitive to nickel market fluctuations and uneven demand. Without a sustained improvement in stainless mill purchasing activity, scrap values may continue to experience limited upward momentum.

Copper. Copper remains supported by longer-term demand from infrastructure, electrification, and data center investment, although recent price movements highlight continued volatility. Tight global supply conditions remain an important factor to monitor as November progresses.