Scrap Metal Market Update: Precious Metals Slide While Steel Holds Steady — Oct 2026

Precious Metals Under Pressure as Industrial Metals Show a Mixed Picture

If you're sitting on a pile of catalytic converters, electronic scrap, or other precious-metal-bearing material, today's market is sending you a clear message: move it. As of October 22, 2026, silver, platinum, and palladium are leading a broad selloff across the metals complex, while steel and shredded scrap benchmarks are holding their ground. Here's what scrap yard operators need to know heading into the rest of the week.

Precious Metals: A Sharp and Accelerating Decline

The precious metals market is under significant pressure right now, and the numbers back that up. Rising oil prices are stoking inflation concerns, which in turn is pushing interest rate expectations higher — a combination that has historically weighed on gold and its peers.

• Gold is sitting at $4,079/oz, down 6.5% over the past 30 days. The slide is relatively orderly, but short-term momentum remains negative, so don't expect a quick bounce.
• Silver is the weakest performer in the precious metals group, dropping to $55.97/oz — a steep 16.8% decline over 30 days. Volatility is elevated at 4.8%, meaning prices can move fast in either direction.
• Platinum has fallen to $1,578/oz, down 13.8%. Beyond the current selling pressure, a forecast 2026 surplus and softer automotive demand are adding headwinds for the longer term.
• Palladium is the hardest-hit metal in today's report, sliding to $1,048/oz — an 18.9% drop over 30 days — with five-day momentum still negative at -4.38%. There is no clear floor in sight.
• Rhodium is the one bright spot in the precious metals space, holding relatively firm at $9,100/oz, up a modest 1.1%. However, even rhodium has seen short-term momentum turn slightly negative, so caution is warranted.

Industrial Metals: Softer, but Not All Bad News

The industrial metals complex is also on the back foot, though the picture is more nuanced than the precious metals selloff. Risk appetite is weaker across the board, but some metals are showing early signs of stabilization.

• Copper is trading at $6.41/lb, down 7.2% over 30 days. A recent increase in inventories has eased immediate supply concerns, but that same inventory build is adding short-term downward pressure. The long-term story for copper — driven by grid upgrades, electrification, data centers, and AI infrastructure — remains constructive. This is a near-term dip, not a structural collapse.
• Aluminum has pulled back to $1.36/lb, down 7.8%. Notably, five-day momentum has flattened out, which could signal that the worst of the decline is easing.
• Nickel is at $7.18/lb, down just 1.8% over 30 days, and five-day momentum has actually turned positive at 4.33% — a encouraging sign that buyers may be stepping back in.
• Lead and zinc are both showing improving short-term momentum. Zinc remains down 6.1% over 30 days, but the near-term trend is improving for both metals.
• Steel and shredded scrap are unchanged at $366/mt and $413/mt, respectively. Stability here is welcome, though flat prices don't necessarily signal stronger mill demand — it simply means the bottom isn't falling out of the ferrous market.

Key Takeaways

• Precious metals — especially palladium, silver, and platinum — are falling fast, with no clear reversal signal yet.
• Rhodium is the only precious metal holding its value, but even that momentum is fading.
• Copper and aluminum declines may be starting to stabilize, making a hold-and-watch strategy reasonable for those materials.
• Nickel is showing the most positive short-term momentum of any base metal in today's report.
• Steel and ferrous scrap benchmarks are steady, providing a reliable floor for yards heavy in shredded and heavy melt material.
• The broader market tone is defensive — driven by inflation concerns and higher rate expectations — so don't expect a sharp precious metals recovery in the near term.

What This Means for Scrap Sellers

The single most important move you can make right now is to prioritize selling precious-metal-bearing scrap in stages rather than holding for a rebound. With palladium down nearly 19% and silver down almost 17% in a single month, waiting for prices to recover is a costly strategy. Catalytic converters, electronics scrap, and other PGM-bearing materials are losing value daily.

For copper and aluminum, the picture is more forgiving. If your yard has the storage capacity and cash flow flexibility, watching for a stabilization confirmation before moving material is a reasonable approach — especially given copper's strong long-term demand fundamentals. Nickel sellers may find the current moment particularly interesting, as improving short-term momentum suggests buyers are becoming more active.

On the ferrous side, stable steel and shredded scrap prices mean there's no urgency to dump material, but there's also no premium for waiting. List at current market levels and let volume work in your favor.

List Your Scrap on SmashScrap.com Today

Markets this volatile reward sellers who move quickly and reach the widest possible pool of buyers. SmashScrap.com connects scrap yards and industrial sellers directly with verified B2B buyers through a transparent, competitive auction format — so you get fair market value without leaving money on the table. Whether you're moving catalytic converters, copper wire, aluminum sheet, or a mixed load of ferrous scrap, now is the time to let the market work for you. Create your listing on SmashScrap.com today and start connecting with buyers who are ready to bid.