April’s steel scrap negotiations wrapped up earlier than expected, and the results were straightforward — prices held steady for higher-quality “prime” scrap, while shredded and cut grades dipped about $20 per gross ton in most parts of the country. For a moment, it looked like those lower-grade prices might keep falling into May.
That concern faded quickly. Export buyers on both the East and West Coasts started showing stronger interest in purchasing scrap, which helped stabilize the market. By mid-April, most industry watchers were expecting May to land in “flat-to-slightly-soft” territory — and that’s exactly what happened. U.S. steel mills had no appetite for price increases, and when the dust settled last Friday, prices simply stayed put.
Aluminum
If you follow aluminum, buckle up. Prices have been swinging dramatically — jumping nearly $100 per metric ton one day and dropping $77 the next. Several factors are pushing prices higher all at once: a major aluminum rolling mill in Oswego, NY that shut down last fall has left U.S. warehouse supplies nearly empty, global shipping has been disrupted by tensions around the Strait of Hormuz, and rising oil and gas costs are making production more expensive across the board. The result? Aluminum prices are at some of the highest levels we’ve seen in a long time.
Nickel
Nickel has been the strongest metal in the market over the past 30 days, climbing over $2,000 per metric ton to reach around $19,230. The big driver? News of production cutbacks at a major nickel mine in Indonesia. On top of that, steady demand from both domestic and international steel mills has pushed stainless steel scrap prices higher as well.
Copper
After a turbulent stretch earlier this year, copper prices have settled down somewhat — though they still finished up about $0.55 per pound over the last month. Both domestic and global demand for copper remain solid, and scrap prices continue to track closely with daily market movements. Demand for brass (red and yellow) also remains strong.
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