This Week’s Scrap Metal Prices & Market News

Weekly iScrap Report: Copper Surges & Steel Spirals – The Latest Scrap Prices

Report Date: 3/13/2024

Hello Scrappers!

We hope you’re riding the wave of positivity with recent upticks in metal prices. Here’s the latest scoop from the metal markets to help you stay ahead.

Non-Ferrous Metal News:

Copper’s Milestone Achievement:

Copper prices have soared for the first time since April 2023, crossing the $4.00 per pound mark. This surge, sparked by optimism from the stock market, juxtaposes with the currently abundant warehouse supplies, creating a complex but favorable scenario for scrappers.

Nickel’s Resurgence:

After a period of dormancy, nickel has made a notable comeback, hitting five-month highs. This uplift has led to a change from a hold to a sell recommendation for stainless steel amidst anticipated challenges from rising nickel production in Indonesia.

Aluminum’s Steady Course:

Despite speculation about potential restrictions on Russian aluminum, prices have remained consistent. Market dynamics seem to be absorbing Russian supplies effectively, indicating minor impacts on global pricing.

Non-Ferrous Prices & Market Status

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Ferrous Prices & Market Status

Ferrous Metals Update:

Steel’s Ongoing Struggle:

The steel market has seen another dip, with prices falling by $15 per ton this week. The market’s future appears murky, especially with global events looming that may further impact the landscape.

Catalytic Converter Recycling News:

A Surge in Converter Prices:

Catalytic converter prices are rising, edging towards the $75-$76 range. This uptick, fueled by climbing platinum and palladium rates, may persist if vehicle demand from dealerships increases.

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Special Topic/Headline:

Geopolitical Tensions and Market Speculation:

The ongoing war in Ukraine and potential shifts in global steel sourcing are critical factors affecting metal prices. These geopolitical dynamics necessitate careful observation and strategic planning in the scrap sector.

The Ripple Effects of Cryptocurrency:

While our primary focus is on physical metals, the recent spike in Bitcoin prices sheds light on the broader economic climate. Though not directly linked, these trends can provide valuable context for understanding market sentiments.

Wrapping Up

This week combines cautious optimism with notable market challenges. Staying well-informed and flexible is crucial as we navigate these fluctuating markets. Remember, the landscape constantly evolves, and today’s strategic moves could pave the way for tomorrow’s gains.

Stay connected for further updates, and feel free to reach out with any questions or for advice on capitalizing on the current market conditions.

Scrap ya later!

Other Resources for Scrap:

Disclaimer: This material is solely for informational and educational purposes. It should not be interpreted as a suggestion or recommendation to buy or sell any commodity or associated securities. The author, Tom Buechel, holds no positions in the commodities or securities mentioned herein. His analysis often incorporates broad perspectives to foster diversity and objectivity. He may occasionally feature contrarian views and various market influences to maintain an unbiased approach. Content provided by iScrap App.