Smash Scrap Morning Metals Report – February 25, 2026

Prices as of February 25, 2026 at 01:00 PM UTC.

Market screen levels only — not yard pay prices. Actual buy prices at the scale will differ based on grade, moisture, contamination, and freight. The scrolling ticker at the top of this page shows live prices and may differ from the snapshot below.

Smash Scrap Takeaways for Today

• Gold & Silver — Both metals are surging with gold up $53 to $5,181/oz and silver jumping $3.64 to $90.35/oz. Sell your jewelry, dental gold, and sterling silver today while momentum is strong across North American yards.
• PGMs — Platinum leads with a massive $159 gain to $2,314/oz, while rhodium adds $500 to hit $12,250/oz. Strip catalytic converters immediately and get quotes from multiple buyers as these moves often reverse quickly.
• Copper — Copper climbs 6 cents higher to $5.96/lb, continuing the uptrend from earlier this week. Sell clean copper wire and #1 bare bright today while prices hold above $5.90/lb.
• Aluminum — Aluminum edges up less than a penny to $1.42/lb in a modest gain. Hold off on selling unless you have large volumes of clean extrusion or sheet - margins remain tight at current levels.
• Steel — Shredded steel holds flat at $413/mt after last week's strong rally from the $316-366 range. List HMS and plate & structural on SMASH as yards may compete for inventory at these elevated levels.
• Big Picture — All metals except steel moved higher today, signaling broad strength across scrap markets in both Canada and the US.

Macro Backdrop — Energy and Risk

Brent Crude Oil: $71.18/bbl, up $0.1200 (+0.17%) day-over-day.

Oil edged up 12 cents as markets weighed mixed economic signals and ongoing supply concerns. The Fed's recent rate cuts appear to be supporting commodity demand, while inflation expectations holding steady at 2.26% suggests the central bank may continue its accommodative stance. Recent headlines around new U.S. aluminum smelter projects and equipment announcements from major recycling companies point to continued infrastructure investment in the metals sector.

Higher energy costs typically squeeze scrap margins since processing and transportation eat up more of dealers' budgets. However, the modest oil gain today reflects a relatively stable energy backdrop that shouldn't dramatically impact scrap operations. With the Canadian dollar holding near recent levels against the U.S. dollar, cross-border scrap flows between the two countries remain competitive. The broader macro picture of lower Fed rates and controlled inflation should support industrial metals demand, which often translates into firmer scrap prices as mills seek raw materials.

Gold — Safe-Haven Indicator

• Spot Gold (XAU): $5,181/oz, up +$53.20 (+1.04%) day-over-day. Previous close: $5,128/oz.
• 5-day trend: ↑ 2 of last 4 sessions.

Gold bounced back with a solid gain today, reversing Tuesday's decline as the precious metal continues its recent choppy pattern. The move higher gives scrap gold sellers and jewelers across North America a better payout environment, while e-waste recyclers handling gold-bearing electronics also benefit from the stronger pricing. With gold maintaining its role as a safe-haven asset during uncertain times, any shifts in geopolitical tensions or central bank buying patterns could drive further price swings in the coming sessions.

Silver — Industrial & Precious Hybrid

• Spot Silver (XAG): $90.35/oz, up +$3.64 (+4.20%) day-over-day. Previous close: $86.70/oz.
• 5-day trend: ↑ 2 of last 4 sessions.
• Gold/Silver ratio: 57.3:1.

Silver jumped by over $3.60 today, building on the momentum we saw earlier this week when it climbed nearly 4% on Monday. This strong rally makes scrap silver more valuable for recyclers collecting old jewelry, electronics, and industrial waste across North America. The gold-to-silver ratio of 57:1 suggests silver is still relatively affordable compared to gold, which could attract more buyers and keep prices supported for those looking to sell their silver scrap.

Precious Metals (PGM) — Screen Indicators

• Platinum (Pt): $2,314/oz, up +$159.00 (+7.38%) day-over-day. Previous close: $2,155/oz.
• Platinum 5-day trend: ↑ 3 of last 5 sessions.
• Palladium (Pd): $1,815/oz, up +$49.00 (+2.77%) day-over-day. Previous close: $1,766/oz.
• Palladium 5-day trend: ↑ 3 of last 5 sessions.
• Rhodium (Rh): $12,250/oz, up +$500.00 (+4.26%) day-over-day. Previous close: $11,750/oz.
• Rhodium 5-day trend: ↑ 3 of last 5 sessions.

Precious metals from catalytic converters are delivering strong returns for scrap sellers, with all three major PGMs posting solid gains that continue recent upward momentum. Platinum surged the most, adding $159 to reach $2,314 per ounce, building on the positive trend that began earlier this week and marking a significant recovery from Monday's brief dip. Palladium and rhodium also climbed higher, with rhodium now sitting at $12,250 per ounce after gaining $500, making it an especially valuable target for auto recyclers processing older vehicles with rhodium-heavy catalysts.

Copper — Current Indicators

• COMEX/Spot Copper: $5.96/lb, up +$0.0605 (+1.03%) day-over-day. Previous close: $5.90/lb.
• 5-day trend: ↑ 3 of last 5 sessions.

Copper prices climbed about 6 cents higher today, continuing the upward momentum seen in 3 of the last 5 trading sessions. This steady rise is good news for scrap sellers across Canada and the U.S. who deal in #1 and #2 copper, bare bright wire, and copper tubing - as higher commodity prices typically translate to better payouts at scrap yards. With copper showing consistent strength after bouncing back from recent declines, sellers should consider timing their trips to the yard while this positive trend continues.

Aluminum — Current Indicators

• LME Aluminum: $3,129/tonne ($1.42/lb), up +$0.0082 (+0.58%) day-over-day. Previous close: $1.41/lb.
• 5-day trend: ↑ 3 of last 5 sessions.

Aluminum prices edged up slightly today, gaining less than a cent per pound in a modest but positive move that continues the recent upward trend seen in 3 of the last 5 trading sessions. This small gain reflects steady demand across North American scrap markets, benefiting sellers of cast aluminum (like engine blocks), sheet aluminum (from construction and automotive sources), and aluminum extrusions from windows and doors. With aluminum showing consistent strength over the past week, scrap sellers should find receptive buyers, though the minimal daily increase suggests the market is moving cautiously rather than surging.

Steel Scrap (Shredded (SHS), scrapmonster) — Current Indicators

• Steel Scrap Shredded (SHS) (SCRAP-SHS): $413.00/mt, flat day-over-day. Previous close: $413.00/mt.
• HMS 1&2 (80:20) (SCRAP-HM): $366.00/mt (flat day-over-day).

Steel scrap prices held steady today at current levels, giving sellers a breather after the sharp gains seen earlier this week. The flat trading suggests mills across North America may be taking time to digest recent price increases before making their next moves. Sellers of HMS 1&2, shredded scrap, and structural steel should watch for any shifts in electric arc furnace buying patterns, as steady prices often signal mills are evaluating their inventory needs ahead of potential spring construction demand.

⚠️ Note: Platinum (7.4%) show unusually large day-over-day moves. Illiquid markets (e.g. rhodium) can have wide bid-ask spreads; verify with multiple sources before acting.

Want to move PGM-bearing material, copper, aluminum, or steel scrap through competitive bidding? List your lots on SMASH and let vetted buyers compete for your scrap.