This Week’s Scrap Metal Prices & Market News

Q4 2024 Scrap Market Outlook: Stability, Opportunities, and Strategic Positioning

Report Date: 10/9/2024

Hello Scrappers!

Throughout the third quarter of 2024, the scrap metal market saw fluctuations largely influenced by global economic uncertainties, energy prices, and fluctuating demand in manufacturing sectors. Supply chain improvements helped ease material movement, but metal prices have been sensitive to macroeconomic events, such as inflationary pressures, interest rate hikes, and geopolitical tensions.

As we enter the fourth quarter, scrappers should remain cautious but optimistic. Certain markets, particularly non-ferrous metals, are showing signs of stabilization, while ferrous markets may see further price adjustments. Stay vigilant, stay informed, and seize opportunities when the market moves in your favor.

Should you HOLD or SELL your scrap?

Non-Ferrous Metal News:

Non-ferrous metals, such as copper, aluminum, and brass, have experienced some volatility over the past quarter. Copper prices are particularly sensitive to manufacturing trends in China and energy costs. Aluminum demand remained steady, but prices fluctuated due to inventory swings and lower energy costs.

  • Copper: Prices dipped slightly due to reduced demand from China, though rebounds were tied to electrical vehicle (EV) production increases and infrastructure projects.
  • Aluminum: Fluctuated based on energy costs, but a slight uptick is expected heading into Q4 as energy markets stabilize.
  • Brass: Stayed relatively stable, with moderate demand from the plumbing and electrical industries.

Q4 Preview: Expect mild increases in non-ferrous prices, particularly copper, as global demand for EVs and energy-efficient technologies rises. Aluminum could see further upward movement if energy prices stabilize, especially in Europe.

https://www.youtube .com/live/AkwB5eNdkK4?si=9KgVkyU8dwFwq66L

Ferrous Metals Update:

Ferrous metals (steel, iron) saw downward pressure during the third quarter, driven by a slowdown in construction and automotive manufacturing. Insufficient supply and weaker demand from key industrial sectors affected steel prices. The market, however, showed some signs of bottoming out, with potential rebounds tied to infrastructure projects and renewable energy initiatives.

  • Steel: Prices remained low but stabilized by the end of Q3, with slight improvements expected as inventory levels adjust.
  • Iron: Like steel, iron scrap prices remained suppressed due to low global demand, though some regional price improvements were seen in the U.S.

Q4 Preview: Ferrous metals could see price rebounds as construction projects pick up post-summer and global steel demand rises. However, volatility is expected to be tied to broader economic trends and potential disruptions in the automotive sector.

Catalytic Converter Recycling News:

The catalytic converter market has stayed relatively consistent, primarily driven by precious metals like platinum, palladium, and rhodium values. Rhodium prices saw a significant dip, affecting overall converter values, while platinum and palladium experienced more stability, driven by industrial demand.

  • Platinum: Showed steady demand due to its industrial applications and increasing EV production.
  • Rhodium: Experienced sharp price declines, but potential market corrections are expected as supply decreases.
  • Palladium: Remained strong, but its future outlook depends on automotive demand and EV shifts.

Q4 Preview: With the continued uncertainty in rhodium pricing, catalytic converter prices could remain volatile. However, with RRCats offering consistent quotes and the 10-day price lock guarantee, scrappers can still capitalize on their OEM converters.

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

The carbide market experienced mild fluctuations due to shifting demand in industrial sectors. Tungsten, widely used in tooling and machinery, saw stable demand but limited supply kept prices steady. Rare earth metals, including neodymium, were subject to geopolitical risks, which kept supply tight and prices high.

  • Carbide: Prices remained stable due to consistent demand from the aerospace and manufacturing sectors.
  • Tungsten: Supply constraints led to minor price increases in certain regions, with demand tied closely to industrial production.
  • Neodymium: Saw strong demand from EV manufacturers and green energy projects, but supply risks linger due to geopolitical factors.

Q4 Preview: We anticipate carbide prices will remain stable or increase slightly as manufacturing activity picks up. Due to EV demand, rare earth metals like neodymium could see further price hikes.

For those dealing with these metals, RRCarbide is a reliable nationwide buyer that offers competitive quotes and free shipping options. Get a quote from our team today and take advantage of these benefits.

Other Scraps News

Other scrap markets, including electronic waste (e-waste) and plastics, experienced steady demand, with a focus on recycling and sustainability driving growth. The global push toward sustainability initiatives continues to support the recycling industry, and this trend will likely carry into Q4.

Q4 Preview: E-waste, mainly scrap containing valuable metals, will likely remain a substantial market segment as the demand for electronics continues. Additionally, sustainable materials and recycling practices will be a significant focus in both policy and consumer demand.

Overall Q4 2024 Outlook

The fourth quarter of 2024 is expected to bring a mix of stability and volatility across various scrap markets:

  • Non-Ferrous: Potential for price growth, especially in copper and aluminum, driven by manufacturing and energy trends.
  • Ferrous: Likely to see some recovery in steel prices, though this will be sensitive to construction and automotive production.
  • Catalytic Converters: Prices could remain volatile due to rhodium uncertainty, but RRCats provides a reliable option for scrappers.
  • Carbide & Rare Earth: Stable demand is expected, with the potential for price increases as manufacturing picks up.

For optimal profitability, scrappers should stay informed on global economic trends and take advantage of market improvements, particularly in non-ferrous and catalytic converters.

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.