Scrap Metal Market Update: Most Metals Under Pressure — What Sellers Should Do Now

Scrap Metal Market Update — October 21, 2026

If you've been watching metal prices lately, you already know it hasn't been a great month for sellers. Gold is hovering near the bottom of its 30-day range, and most other metals — from silver and palladium to aluminum and zinc — are carrying negative momentum into the week. Here's a clear-eyed breakdown of where prices stand, what's driving the market, and how scrap yard operators can make smart moves right now.

Market Snapshot: Where Prices Stand Today

Let's start with the numbers. Across the board, the 30-day trend is pointing downward for most metals:

• Gold: $4,133.40/oz — down 5.1% over 30 days. Price action has gone sideways, but momentum remains negative.
• Silver: $57.76/oz — down 12.7%. There's been a small five-day bounce, but don't mistake that for a trend reversal just yet.
• Platinum: $1,632/oz — down 9.5%. A modest short-term uptick, but the broader picture is still weak.
• Palladium: $1,070/oz — down 17.3%. The worst performer of the major metals right now, with sharply negative momentum.
• Rhodium: $9,100/oz — up 1.1%. The standout in precious metals. Stable, though trading near the lower end of its narrow range.
• Copper: $6.54/lb — down 3.7%. Fundamentals are supportive, but the price hasn't responded yet.
• Aluminum: $1.37/lb — down 7.7%. Short-term momentum has ticked slightly positive, but volatility is still elevated.
• Steel and shredded scrap: Flat at $366/mt and $413/mt, respectively. No movement in either direction.
• Nickel: $6.96/lb — down 4.4%, with continued negative momentum.
• Lead: $0.84/lb — down just 0.9%. The most stable base metal in the group by a wide margin.
• Zinc: $1.69/lb — down 6.8%, with only a minor short-term rebound showing.

What's Driving the Market Right Now

Precious metals are getting hit from multiple directions at once. Higher oil prices, a firmer U.S. dollar, and growing expectations that the Federal Reserve will hold rates in October — and potentially raise them again in December — are all creating headwinds. Gold has dropped for four consecutive sessions, dragging silver, platinum, and palladium along with it. When the dollar strengthens, dollar-denominated metals naturally come under pressure, and that's exactly what's playing out right now.

The story is a little more nuanced for industrial metals. Copper is getting some fundamental support from mine-supply disruption concerns, and longer-term demand driven by AI infrastructure and electrification remains a real tailwind. Aluminum and nickel are also seeing some positive inventory and demand factors in the background. The problem is that none of this has translated into actual price gains over the past 30 days — so while the long-term picture may be more constructive, sellers shouldn't count on a near-term bounce to bail them out.

Steel and shredded scrap remain the quiet, stable corner of the market. Flat prices aren't exciting, but they do offer predictability — something that's in short supply elsewhere right now.

Key Takeaways

• Palladium is the most vulnerable metal — down 17.3% in 30 days with no clear floor in sight.
• Silver's bounce is encouraging but unconfirmed — wait for more data before treating it as a trend change.
• Rhodium is the only precious metal showing stability — up 1.1%, though range-bound.
• Copper has a strong fundamental story, but prices haven't caught up yet.
• Lead and steel/shredded scrap are the most stable options for sellers who need predictability.
• Macro headwinds — dollar strength and Fed policy uncertainty — are the dominant force in precious metals right now.

What This Means for Scrap Sellers

In a market like this, the best defense is a smart offense. Here's how to think about your inventory over the next few weeks:

• Move weak, volatile grades sooner rather than later. Palladium, silver, and aluminum are all showing negative momentum. Holding inventory in hopes of a rebound carries real risk when the macro environment is working against you.
• Protect value through sorting. Clean, well-sorted material always commands better prices — and in a soft market, that premium matters more than ever. Don't leave money on the table by selling mixed loads when separation is practical.
• Don't overcommit inventory. With most metals trending down and macro uncertainty still high, locking in large volumes at today's prices without flexibility could hurt you if conditions deteriorate further.
• Keep an eye on copper. The supply disruption story is real, and AI-related infrastructure demand isn't going away. If macro pressure eases, copper could move quickly — so know what you have on hand and be ready to act.
• Lead and steel are your anchors. If you're looking for price stability in your near-term planning, these are the metals giving sellers the most predictability right now.

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