Smash Scrap Morning Metals Report – March 25, 2026

Prices as of March 25, 2026 at 12:31 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.

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• Gold — $4,544/oz ▲
• Silver — $72.48/oz ▲
• PGMs — Rh ▲ $10,800 · Pt ▲ $1,955 · Pd ▲ $1,427
• Copper — $5.53/lb ▲
• Aluminum — $1.48/lb ▲
• Steel Scrap — $413.00/mt ▸
• Macro Backdrop
• CAD — USD/CAD 1.3761

Smash Scrap Takeaways for Today

• Gold & Silver — Take advantage of strong momentum with gold up $75.53 to $4,544/oz and silver gaining $1.01 to $72.48/oz. Both metals are breaking higher after recent consolidation. List premium jewelry, dental scrap, and silver-bearing electronics today while buyers are active.
• PGMs — All platinum group metals are higher with rhodium leading at +$200 to $10,800/oz, platinum up $26 to $1,955/oz, and palladium gaining $10 to $1,427/oz. Auto recyclers in Detroit and Cleveland should move catalytic converter inventory now while demand is strong.
• Copper — Prices edged up less than a cent to $5.53/lb with minimal momentum. Hold off on major copper wire and pipe sales unless you need quick cash flow. Wait for clearer upward direction before moving large industrial copper stockpiles.
• Aluminum — Steady climb continues with prices up less than a cent to $1.48/lb. Auto recyclers and fabrication shops should gradually reduce aluminum inventory as prices build momentum, especially clean sheet and extrusion materials.
• Big Picture — Strong precious metals rally drives 7 of 8 metals higher today, signaling renewed buyer confidence across scrap markets from Houston to Philadelphia.

Macro Backdrop — Energy and Risk

Brent Crude Oil: $95.15/bbl, down $5.07 (-5.06%) day-over-day.

Oil's sharp $5.07 drop reflects easing tensions around Iran after reports that planned military responses may be delayed, reducing immediate supply disruption fears. The weaker dollar and declining Treasury yields create a mixed backdrop for industrial metals, though China's plunging copper inventories suggest underlying demand recovery despite recent price weakness. Energy-intensive scrap processing becomes more profitable with lower fuel costs, particularly benefiting yards in Detroit and Chicago where transportation represents a larger cost share.

Manufacturing sentiment appears to be stabilizing after weeks of selling pressure, though operators should prepare for continued volatility as geopolitical premiums unwind. The combination of cheaper energy and potential demand improvements from China's inventory drawdown could support scrap values in coming weeks, especially for steel-heavy markets like Pittsburgh and Cleveland where automotive and industrial demand drives pricing.

Gold — Safe-Haven Indicator

• Spot Gold (XAU): $4,544/oz, up +$75.53 (+1.69%) day-over-day. Previous close: $4,469/oz.
• 5-day trend: ↓ 3 of last 5 sessions.

Gold's strong gain extends yesterday's advance despite facing headwinds over the past week, as easing Middle East tensions reduce some of the safe-haven premium that has supported precious metals recently. For scrap sellers across Detroit, Chicago, and Houston, this upward move creates better selling opportunities for jewelry, dental gold, and electronic waste containing gold components. The metal continues benefiting from a weaker dollar environment, though recyclers should monitor how quickly geopolitical premiums fade as Iran tensions cool, potentially creating more volatile conditions for timing scrap sales in the coming sessions.

Silver — Industrial & Precious Hybrid

• Spot Silver (XAG): $72.48/oz, up +$1.01 (+1.41%) day-over-day. Previous close: $71.48/oz.
• 5-day trend: ↑ 3 of last 5 sessions.
• Gold/Silver ratio: 62.7:1.

Silver gained over a dollar today as easing Middle East tensions helped reduce safe-haven demand while the weaker dollar provided support for precious metals across American scrap markets from Detroit to Houston. The gold-to-silver ratio of 62.7-to-1 suggests silver remains relatively undervalued compared to gold, making it an attractive option for scrap sellers holding both metals, though my previous prediction that silver wouldn't reach higher prices in volatile conditions proved incorrect. Electronics recyclers and industrial scrap dealers should note that silver's dual role as both a precious metal and key industrial input for solar panels keeps it sensitive to both geopolitical shifts and manufacturing demand recovery signals from China.

Precious Metals (PGM) — Screen Indicators

• Platinum (Pt): $1,955/oz, up +$26.00 (+1.35%) day-over-day. Previous close: $1,929/oz. MoM: -8.9%.
• Platinum 5-day trend: ↓ 3 of last 5 sessions.
• Palladium (Pd): $1,427/oz, up +$10.00 (+0.71%) day-over-day. Previous close: $1,417/oz. MoM: -17.1%.
• Palladium 5-day trend: ↑ 3 of last 5 sessions.
• Rhodium (Rh): $10,800/oz, up +$200.00 (+1.89%) day-over-day. Previous close: $10,600/oz. MoM: -3.4%.
• Rhodium 5-day trend: ↓ 4 of last 5 sessions.

PGM markets delivered across-the-board gains today as easing Middle East tensions helped stabilize industrial demand expectations, with rhodium leading the charge despite its recent downtrend. Scrap sellers from Detroit to Atlanta are seeing improved conditions for catalytic converter and industrial PGM materials, particularly as palladium shows genuine momentum with three up sessions in five days. The mixed dollar backdrop creates opportunity for patient sellers, though rhodium's underlying weakness over recent sessions suggests waiting for clearer direction before moving larger quantities.

Copper — Current Indicators

• COMEX/Spot Copper: $5.53/lb, up +$0.0035 (+0.06%) day-over-day. Previous close: $5.53/lb.
• 5-day trend: ↑ 4 of last 5 sessions.

Copper held steady near $5.53 per pound with minimal movement as easing Middle East tensions helped stabilize industrial metals markets. The slight uptick continues copper's recent momentum, with prices rising in four of the last five sessions despite ongoing concerns about demand recovery. Scrap sellers across Detroit, Chicago, and Houston should find steady pricing for #1 and #2 copper, bare bright wire, and mixed copper materials, though China's declining copper inventories suggest underlying demand may be strengthening even as immediate price moves remain modest.

Aluminum — Current Indicators

• LME Aluminum: $3,256/tonne ($1.48/lb), up +$0.0076 (+0.52%) day-over-day. Previous close: $1.47/lb.
• 5-day trend: ↑ 3 of last 5 sessions.

Aluminum prices edged slightly higher as easing Middle East tensions helped stabilize energy costs, providing modest relief for scrap sellers across Detroit, Chicago, and Houston yards. The uptick benefits cast aluminum sellers more than sheet and extrusion grades, though the gain remains too small to significantly impact profit margins at most American recycling operations. With China's inventory drawdowns suggesting improving demand and oil pressures cooling, aluminum scrap markets may find steadier footing after recent volatility, though sellers shouldn't expect major premiums given the mixed industrial backdrop.

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.
• 5-day trend: → flat over last 5 sessions.
• HMS 1&2 (80:20) (SCRAP-HM): $366.00/mt (flat day-over-day).

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