This Week’s Scrap Metal Prices & Market News

Scrap Metal Market Update: Surging Copper, Aluminum Signal Strong Sell

Report Date: 4/17/2024

Hello Scrappers!

This week’s review highlights considerable movements in the scrap metal markets. After a period of stagnation, we have witnessed significant increases in non-ferrous metal prices, particularly copper, which has reached 52-week highs several times despite ongoing weak demand and abundant supply. These dynamics present both opportunities and challenges that merit closer scrutiny.

Should you HOLD or SELL your scrap?

Non-Ferrous Metal News:

Copper prices have demonstrated remarkable resilience, surging by 20% over the past 6 to 8 weeks. This price hike should be reflected immediately in the rates offered at scrap yards. Aluminum prices have also thrived, with five to six cents per pound increments. Given the upward price trend and growing demand, it may be an optimal time for scrappers to consider selling as we transition into spring.

Conversely, the nickel and stainless steel market tells a more complex story. While nickel prices have soared, increasing by over 15 cents recently, non-magnetic stainless steel has faced price reductions due to an oversupply in the US market. This dichotomy between raw material costs and finished scrap prices creates a perplexing situation for market participants.

Ferrous Metals Update:

Steel Prices Plateau Despite Global Challenges

Steel prices continue to struggle, maintaining lower levels amid rising oil prices and ongoing geopolitical tensions in the Middle East. These factors are expected to keep steel prices subdued as economic demand shifts away from heavier metals towards non-ferrous and precious metals.

Catalytic Converter Recycling News:

Steel Prices Remain Low Due To Global Tensions

Catalytic converter prices have recently seen modest increases, possibly influenced by the surging gold prices. As precious metals gain in value, this has a ripple effect on related markets. It’s essential to monitor how upcoming emissions regulations could impact the use of precious metals in catalytic converters. Remember, RRCats quotes converters six days a week, has a 10-day price lock guarantee, and offers free shipping on all OEM units. Get a quote today!

Boosted Catalytic Converter Prices at RRCats

For a price lock of 10 days, don’t hesitate to contact the RRCats.com Team for a better idea of catalytic converter markets and free shipping on OEM cats.

Special Market Insights:

Carbide & Rare Earth News

Carbide prices have jumped approximately 15 cents per pound, reflecting its niche status as a specialty alloy in the scrap market. Those new to carbide scrapping can find educational resources on our YouTube page, which includes videos on identifying and valuing carbide and other rare earth metals. Get a quote from our team and use our free shipping options.

Other Scraps News

The price of gold continues to hit record highs, influencing economic behaviors and debates between physical and digital assets, such as Bitcoin. As gold prices climb, monitoring their broader economic implications and the potential effects on related scrap materials is essential.

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.