Alex Kershaw unpacks the recent volatility in global scrap steel markets and what is driving price movements across key regions. From the US and Europe to Turkey and China, the discussion explores how rising energy and freight costs are lifting prices despite weak steel demand.

As US automotive OEMs localize supply chains and accelerate EV rollout, margin pressure is intensifying across steel, aluminium and battery inputs.

The Canadian government announced on Tuesday May 4 a new financing program worth C$1.5 billion ($1.1 billion) to help mitigate the effect of US metals tariffs and support several of Canada’s tariffed industries.

US steel mills were operating in April 2026 at their highest capacity utilization rate since 2024, but because many domestic producers have gone long on contracts this year, buyers continued to report difficulty in securing tonnages of steel hot-rolled coil on the spot market.

Capital is flowing back into junior mining, but selectively. Investment is increasingly favouring development‑stage assets with clearer paths to production, supported by government funding and strategic partnerships. While demand for critical minerals underpins the cycle, early‑stage explorers continue to struggle for capital as investors prioritise discipline, ESG alignment and near‑term cash flow.

Fastmarkets’ April 2026 revision to its global crude steel production forecast underscores how policy actions, geopolitical disruptions and cost pressures are reshaping the near-term steel supply outlook.

For decades, tungsten sat on the margins of US industrial policy. Despite its essential role in armor piercing munitions, aerospace alloys and advanced manufacturing, the ultra hard metal was sourced overwhelmingly from China, while US domestic mining faded from view.

Aluminium markets in the US and Mexico are facing an unprecedented mix of geopolitical disruption, trade policy shifts and tightening supply conditions.

Military readiness relies on a narrow set of industrial inputs that enable advanced systems to function under extreme conditions. As supply chains become more complicated and politicised, securing reliable access to these materials is emerging as a strategic challenge for the defense industry.

The Canada HRC hot-rolled price hovered around C$55 ($40) per hundredweight as market participants reacted with dismay to new US policies that affect the way tariffs are calculated on derivative metals products.