April 2026 Metal Market Update

As we entered March, U.S. mills were preparing to lower their ferrous scrap purchasing programs. However, several factors—including rising ocean freight rates, higher oil prices, increased cargo insurance costs, and overall market uncertainty tied to the U.S.–Israel military campaign in Iran—kept domestic scrap prices stable across all grades and regions.

Ferrous Scrap Market

The U.S. ferrous scrap market remains largely supply-driven. Beginning in early March, scrap flows increased significantly due to the seasonal “spring thaw,” bringing more material into the market.

At the same time:

  • Export demand remained steady, but not strong enough to influence domestic pricing.
  • April negotiations started early and concluded quickly with minimal disruption.

Pricing results for April:

  • Shredded, HMS, and P&S scrap: down $20 per gross ton (GT) in most regions
  • Prime scrap: unchanged across all regions

Non-Ferrous Market Overview

Ongoing conflict in Iran continues to fuel volatility in aluminum, copper, and nickel markets. Rising oil and natural gas prices—along with supply disruptions caused by constraints in the Strait of Hormuz—are adding pressure to the global economy.

Aluminum

Aluminum prices remain highly volatile, with large daily swings. Over the past 30 days:

  • Prices rose as much as $122/MT in a single day
  • Fell $124/MT the next
  • Ultimately ended up $76/MT overall

Key trends:

  • Continued global supply chain disruptions are pushing prices near record highs
  • Increased imports of aluminum scrap are saturating the domestic market
  • Despite this, scrap prices remain elevated due to strong export demand
  • Secondary aluminum scrap prices continue rising both domestically and internationally

Copper & Brass

Copper markets have stabilized slightly compared to last month but still experience daily price movement.

Current conditions:

  • Scrap supply remains tight both domestically and globally
  • Demand has improved significantly following the Lunar New Year
  • Prices are closely tracking daily movements in terminal markets

Brass markets:

  • Red and yellow brass prices remain firm
  • Strong export demand—especially for yellow brass—is providing support

Nickel & Stainless Steel

Nickel prices continue to fluctuate, with daily swings of $300–$400/MT over the past month. Overall, prices ended down $260/MT for the period.

  • Demand for 300-series stainless steel scrap remains strong among domestic mills

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