The metal markets saw a mix of stability and volatility throughout March, with shifting conditions across both ferrous and non-ferrous sectors. Here’s a closer look at what’s happening and what it means moving forward.
At the start of the month, domestic mills anticipated gaining leverage in negotiations and pushing scrap prices lower for March purchasing programs. However, renewed uncertainty in the ferrous scrap market quickly changed that outlook.
Recognizing the shifting conditions, mills stepped back from their pricing strategy. As a result, ferrous scrap prices ultimately settled sideways across all grades and regions, reflecting a more balanced market than initially expected.
Non-ferrous metals—including copper, aluminum, and nickel—experienced significant price swings over the past 30 days. Early last week, markets saw a sharp sell-off following geopolitical tensions tied to the U.S.-Israel military campaign in Iran.
By the end of the week, however, most terminal markets had recovered the majority of those losses, highlighting just how reactive and unpredictable the sector remains.
Copper prices on COMEX continued to move erratically, with daily fluctuations impacting both buyers and sellers. While there is cautious optimism that volatility may ease, scrap consumers have remained hesitant.
Supply continues to be tight both domestically and globally. At the same time, demand from domestic mills remains lukewarm, largely because downstream buyers are resisting current high price levels. For now, copper scrap pricing continues to track closely with daily movements in the broader market.
Aluminum markets remain strong, with the Midwest premium reaching a new high of $1.07 per pound last week.
Despite this, domestic demand for scrap—particularly extrusions and segregated alloys—remains soft, with little improvement expected in the near term. Still, prices have held firm due to strong export demand and limited supply.
Secondary aluminum markets are also strengthening both domestically and internationally, driven by ongoing supply constraints and logistical challenges.
Nickel markets showed positive momentum in March, especially within the stainless steel sector.
300 series stainless steel prices continue to rise, supported by improved domestic mill demand, tight scrap supply due to weather conditions, and increased export activity. Additional support has come from strengthening nickel prices on the LME, along with firmer ferrous scrap and molybdenum pricing.
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