Last month, very cold winter weather and the holiday slowdown meant less scrap metal was available across the country. Because of this, scrap suppliers expected prices to rise in January.
At the same time:
All of this helped push scrap prices higher going into the new year.
In the non-ferrous market, prices for copper, aluminum, and nickel were quiet through the end of December, then jumped sharply last week.
COMEX copper hit a record high of $6.05 per pound on January 6 before falling by $0.27 over the next two days. It finished last Friday at $5.89 per pound, up $0.48 over the past month. This sharp rise has been driven by uncertainty around government policies, heavy investor trading, concerns about global supply shortages, and growing demand tied to data centers, power grids, electric vehicles, and renewable energy projects.
Domestic demand for copper scrap remains cautious, with many buyers waiting to see where prices settle. Strong export demand, however, has helped offset this slowdown. Copper scrap prices have risen along with COMEX copper, while red and yellow brass prices have increased in line with higher copper scrap values.
Aluminum prices have increased over the past month, with the Midwest premium reaching a record high of $0.9885 last Friday. Despite this upward movement, domestic demand for aluminum scrap remains soft, largely due to ongoing tariff-related uncertainty. Strong export demand, combined with the sharp rise in the Midwest premium, has helped push prices higher for aluminum extrusions and select segregated scrap grades. Secondary aluminum scrap prices have also seen modest gains, increasing by a few cents depending on the grade, as export demand continues to strengthen.
Nickel prices have moved higher over the past month, driven mainly by concerns about potential supply disruptions in Indonesia due to possible regulatory action on nickel mining operations. This increase has not been tied to any major changes in overall market fundamentals. Meanwhile, scrap prices for 300-series stainless steel have remained relatively flat in recent months, as available supply is well balanced with current domestic mill demand and export demand remains weak to minimal.
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