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Your Position: Home - Minerals & Metallurgy - This Week’s Scrap Metal Prices & Market News

This Week’s Scrap Metal Prices & Market News

Weekly iScrap Report: Navigating Copper’s Dip and Steel’s Slide Amid Global Uncertainties

Report Date: 2/28/2024

A Week of Contrasts in the Scrap Metal Arena

This week in the scrap metal market reveals a blend of declining and steady trends, with notable shifts in copper and steel pricing against a backdrop of volatile precious metal markets. Amid these shifts, the catalytic converter market remains a focal point of unpredictability.

Non-Ferrous Metal News:

Copper Faces Minor Retreat

Copper prices have seen a modest retreat, dropping by around $0.07, primarily driven by routine market activities rather than drastic shifts in demand. The diverging paths of the EV markets in the U.S. and China paint a complex picture of copper’s future demand.

Aluminum in a Holding Pattern

Aluminum prices remain stagnant, reflecting a period of market equilibrium. The absence of significant growth suggests a wait-and-see approach facing global market uncertainties.

Non-Ferrous Prices & Market Status

  • Copper – SELL
  • Aluminum – SELL
  • Brass – SELL
  • Copper Wire – SELL
  • Stainless Steel – HOLD

Ferrous Prices & Market Status

Continuation of Steel’s Price Dip

The steel industry is grappling with a continued price decline, falling by $15 per ton. Despite stable demand, this sustained drop points to underlying market and logistical pressures affecting the sector.

Catalytic Converter Recycling News:

The Whirlwind of Platinum and Palladium

  • Catalytic Converters – SELL

The market for catalytic converters is riding a rollercoaster, marked by sharp fluctuations in platinum and palladium prices. Despite speculative optimism, actual prices for these precious metals remain volatile, underscoring a market filled with speculation and uncertainty.

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 Topic/Headline:

Lead’s Subdued Performance and Cryptocurrency’s Contrast

While lead prices experience a slight downturn amid lukewarm demand, the explosive growth of Bitcoin shines a spotlight on the varied investment avenues. This contrast between traditional metal markets and digital currencies captures the diverse nature of current investment trends.

Market Recommendations:

Steady Course Amid Market Waves

The current market landscape demands a balanced approach: keen observation and strategic flexibility. Monitoring shifts in the copper and steel markets, along with the unpredictable swings in catalytic converter values, will be crucial. Despite the allure of booming cryptocurrencies, the enduring value and demand for physical metals remain central to the recycling sector’s operations.

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.

According to the bank, all metals prices were higher for the quarter, particularly iron ore and tin.

“However, this optimism waned, and most prices receded from their January highs by the end of the quarter,” the bank said.

Iron ore prices are the only remaining firm, due to strong demand from China’s steel sector.

“Metal prices, which increased slightly early in the year, are expected to fall by 8% relative to last year, primarily because of weak global demand and improved supplies,” said Valerie Mercer-Blackman, Lead Economist in the World Bank’s Prospects Group. 

A recovery in production, as temporary bottlenecks are resolved, is expected to lower aluminum prices by 11% in 2023.

Copper prices are forecast to fall 4% in 2023 compared with 2022, and by a further 6% in 2024 as supply conditions improve.

Nickel prices are forecast to drop by about 15% in 2023. With energy prices falling and most European smelters restarting, zinc prices are forecasted to drop by 20% this year.

“In the longer term, however, the energy transition could significantly lift the demand for some metals, notably lithium, copper, and nickel,” said Mercer-Blackman.

Precious metals prices are expected to increase by 6% in 2023 as safe-haven demand rises amid elevated uncertainty with respect to future growth prospects, ongoing concerns about inflation, and financial stress in the first quarter.

Coal prices are expected to decrease by 42% in 2023. 

This Week’s Scrap Metal Prices & Market News

Metal prices to fall in 2023 — World Bank

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