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  <headerData>
    <submissionType>13F-HR</submissionType>
    <filerInfo>
      <liveTestFlag>LIVE</liveTestFlag>
      <flags>
        <confirmingCopyFlag>false</confirmingCopyFlag>
        <returnCopyFlag>false</returnCopyFlag>
        <overrideInternetFlag>false</overrideInternetFlag>
      </flags>
      <filer>
        <credentials>
          <cik>0001317784</cik>
          <ccc>XXXXXXXX</ccc>
        </credentials>
      </filer>
      <periodOfReport>09-30-2019</periodOfReport>
    </filerInfo>
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  <formData>
    <coverPage>
      <reportCalendarOrQuarter>09-30-2019</reportCalendarOrQuarter>
      <isAmendment>false</isAmendment>
      <filingManager>
        <name>SFE Investment Counsel</name>
        <address>
          <ns1:street1>801 SOUTH FIGUEROA STREET</ns1:street1>
          <ns1:street2>SUITE 2100</ns1:street2>
          <ns1:city>LOS ANGELES</ns1:city>
          <ns1:stateOrCountry>CA</ns1:stateOrCountry>
          <ns1:zipCode>90017</ns1:zipCode>
        </address>
      </filingManager>
      <reportType>13F HOLDINGS REPORT</reportType>
      <form13FFileNumber>028-11318</form13FFileNumber>
      <provideInfoForInstruction5>N</provideInfoForInstruction5>
    </coverPage>
    <signatureBlock>
      <name>Gerardo Martinez</name>
      <title>Regulatory Consultant</title>
      <phone>310-275-7300</phone>
      <signature>/s/ Gerardo Martinez</signature>
      <city>Beverly Hills</city>
      <stateOrCountry>CA</stateOrCountry>
      <signatureDate>10-31-2019</signatureDate>
    </signatureBlock>
    <summaryPage>
      <otherIncludedManagersCount>0</otherIncludedManagersCount>
      <tableEntryTotal>118</tableEntryTotal>
      <tableValueTotal>236562</tableValueTotal>
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