Scrap Metal Market Update: Sell Precious Metals Now, Hold Base Metals Steady

Scrap Metal Market Update: Where Prices Are Heading and What to Do About It

If you're sitting on a yard full of mixed scrap right now, the market is sending you a clear two-part message: move your precious metal-bearing material fast, and be a little more patient with your base metals. Here's a breakdown of what's happening across the major metal categories and what it means for your selling decisions this week.

Precious Metals Are Under Serious Pressure

There's no sugarcoating it — precious metals are having a rough month, and the short-term momentum isn't showing any signs of reversal yet. Here's where things stand over the last 30 days:

• Rhodium: Down 18.6% — the worst performer in the group by a wide margin
• Palladium: Down 14.4% — PGM catalysts are taking a significant hit
• Platinum: Down 9.6%
• Silver: Down 8.1%
• Gold: Down 6.1%

All five of these metals are also negative over the most recent five-day window, which tells you the downtrend hasn't bottomed out yet. The primary driver is interest rate expectations — when real yields are elevated and the Federal Reserve is holding firm on rates, gold and silver tend to lose their appeal as stores of value. That dynamic is front and center right now, and it's dragging the entire precious metals complex lower.

Geopolitical uncertainty would normally provide some support for safe-haven metals like gold, but that tailwind is being overwhelmed by the broader bearish trend at the moment.

The bottom line for precious metals: If you have catalytic converters, high-PGM industrial scrap, gold-bearing electronics, or any bullion-linked material in your yard, now is the time to sell — not next week.

Base Metals: Constructive, But Losing Steam

The story on the industrial metals side is more nuanced. The 30-day trend is actually positive for most base metals, but the last five days suggest the momentum may be fading.

Copper and Aluminum

Copper is up 3.2% over the past month, which is a healthy move. However, it pulled back 2.64% over the last five days, suggesting the rally may be taking a breather. Aluminum tells a similar story — up 3.4% on the month but down 2.33% in the near term. Both metals are benefiting from expectations that easing financial conditions could improve global industrial demand, but that support isn't consistent from day to day right now.

Zinc and Lead

Zinc is up 4.7% and lead is up 2.4% over 30 days — solid gains — but both have gone essentially sideways in recent sessions. These aren't breakout moves; they're more of a slow, steady drift higher that could easily stall or reverse.

Nickel and Stainless-Linked Grades

Nickel is down 5.5% on the month and continues to slip. If you're processing stainless steel scrap or other nickel-heavy grades, expect some pricing headwinds. This is worth watching closely over the next few weeks.

Steel Scrap: Flat and Steady

Steel scrap prices are essentially unchanged, sitting at $366/mt for standard steel scrap and $413/mt for shredded scrap. There's virtually no volatility in the current window, which makes steel a predictable — if unexciting — commodity to move right now. Trade policy, particularly in North America, remains a background factor that could shift this picture quickly, so it's worth keeping an eye on any new tariff or trade developments.

Key Takeaways

• Sell precious metals now: Gold, silver, platinum, palladium, and rhodium are all in a confirmed downtrend with negative short-term momentum.
• PGM catalysts are a priority: Rhodium and palladium losses are steep — don't wait on catalytic converter lots.
• Hold base metals if you can: Copper, aluminum, zinc, and lead have positive 30-day trends, though short-term softness warrants attention.
• Watch nickel closely: Stainless and nickel-bearing grades face continued pricing pressure.
• Steel is stable: No urgency to rush steel scrap to market, but no reason to hold it for a big price pop either.
• Rate expectations are the key macro driver: Any shift in Fed policy signals could move precious metals quickly in either direction.

What This Means for Scrap Sellers

The market is rewarding sellers who act with intention right now. If your yard is holding precious metal-bearing material — whether that's catalytic converters, gold-laden circuit boards, or silver-containing industrial components — every day you wait is potentially money left on the table. The trend is working against you, and there's no clear catalyst on the horizon that would reverse it quickly.

On the base metal side, there's a little more room to breathe. If cash flow isn't an immediate concern, holding copper and aluminum while the market finds its footing over the next few weeks is a reasonable strategy. That said, keep an eye on the five-day momentum — if the softness continues, the calculus changes.

For steel scrap, this is a stable, low-drama market. Move it when it's operationally convenient, but don't agonize over timing.

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