April brought a partial reset in ferrous pricing, with obsolete grades moving lower and prime grades holding mostly steady. Nonferrous markets were firmer, led by copper strength and recovering aluminum pricing amid global supply concerns. Steel demand remained stable but uneven due to planned mill outages and early‐month buying discipline. 

Steel

After a sideways March, the U.S. ferrous scrap market moved as expected, with obsolete grades coming under pressure amid improving seasonal flows and limited export demand. Prime grades proved more resilient, supported by steady domestic steel demand and stable finished steel pricing. Overall market sentiment remained cautious, as both buyers and sellers adjusted to a more balanced but uncertain environment.

Non-Ferrous

Nonferrous markets moved in the opposite direction, with copper leading the complex higher. Copper scrap prices strengthened through early April, tracking gains in refined copper markets and supported by structural demand from electrification, infrastructure investment, and ongoing geopolitical risks impacting global supply chains. Most copper grades posted gains, with particularly firm pricing in Bare Bright, #1 copper, and insulated wire categories. Aluminum markets were more mixed, but sentiment improved as primary aluminum prices surged in response to supply disruptions in key producing regions. While some aluminum scrap grades remained flat due to localized oversupply, higher underlying aluminum prices provided overall market support.

Stainless and Alloy

LME Nickel has traded within a notably narrow band over the past thirty days, lending a measure of stability to stainless steel markets, particularly across grades  304 and 316. This period of consolidation has provided a supportive backdrop; however, emerging softness in the broader steel complex suggests some near-term pressure. Chrome-bearing stainless grades may experience modest declines as consumers recalibrate pricing expectations in response to easing steel values. Similarly, grade 316 could face additional headwinds, with molybdenum retreating approximately 10% over the same period, eroding a key component of its cost support.

High-temperature alloys continue to demonstrate steady, if unspectacular, demand. That said, certain copper-bearing grades—most notably Monel—may encounter slight downward pressure, reflective of more tempered consumer interest. In contrast, vacuum-grade alloys such as Inconel 625 and 718 remain on firmer footing, with demand holding and pricing expected to remain stable barring any significant movement in the nickel market.

Titanium, despite a subdued outlook earlier in the quarter, appears to be regaining some traction. Mills have begun re-engaging in near-term purchasing discussions, which may provide a degree of support to ferro-titanium pricing. Nevertheless, higher-quality units, including 6-4 solids and turnings, have yet to exhibit meaningful momentum.

In the tool steel and high-speed steel segment, earlier optimism has softened. The rapid ascent in tungsten (Carbide) pricing dampened demand, prompting a pullback in buying activity. A corrective move in late February, triggered in part by China signaling a pause in further price increases, led to a wave of profit-taking and cautious positioning among traders. Compounding this, end-users are now working through elevated inventories accumulated in prior weeks. Current indicators suggest additional pricing pressure may persist in the near term.

Good Morning,

I hope you had a great weekend. As we move into March, several key metal markets are stabilizing following recent volatility. However, aluminum and some nickel based alloys have shown continued increases in strength.

Steel

The U.S. steel scrap market remained steady in March. Supplier and mill delays from February created a supply-driven need for stability. Despite expectations of softening as winter conditions improved, many suppliers still faced February backlogs, limiting their flexibility to accept lower pricing.

Non-Ferrous
Aluminum prices increased sharply as geopolitical tensions impacted logistics through the Strait of Hormuz. Higher insurance, tariffs, and freight costs contributed to upward pressure on U.S. aluminum values. Copper inventories continue to grow even as prices remain elevated—an unusual combination that may signal market confidence and anticipated demand.

Stainless and Alloy

Nickel pricing on the LME has remained within a narrow range over the past month. Stainless grades 304 and 316 have shown modest improvement due to tighter supply conditions, though 316 momentum has been limited by molybdenum pricing resistance. Chrome-bearing grades may also see small gains as carbon steel values hold steady.

High-temperature alloy demand remains steady across aerospace, oil and gas, and defense markets. Although pricing remains subdued relative to intrinsic costs, expectations for gradual strengthening continue. Titanium markets show no signs of near-term recovery but remain stable due to consistent consumption.

Tool steels and high-speed steels remain stable, though molybdenum- and tungsten-bearing high-speed grades show incremental improvement. Carbide prices continue to rise amid reduced mining quotas and tighter export controls from China. Ongoing geopolitical tensions, including activity involving Iran, may introduce additional volatility.

Good Morning,

I hope all is well there. February continues to show strength in current markets with supply being an lackluster in a few sectors. 

Steel

For the 3rd consecutive month, steel rose across all grades with increased steel production this February. European export markets kept pricing up after seeing US domestic prices rise. The moderate increase is attributed to slow inbound scrap flow. US vehicle sales hit a 3-year low last month and Japanese automaker Toyota lowering its global sales forecast with low consumer confidence.

Non-Ferrous
The copper scrap market continues to demonstrate resilience in early February, with modest gains and overall stability across several key grades. The U.S. market remains relatively steady; however, international conditions tell a different story. China and India have seen notable declines, contributing to a softer global backdrop despite U.S. stability.

Buying activity in China has slowed significantly, and inventories on the Shanghai Futures Exchange continue to rise in a typical seasonal build ahead of the Lunar New Year. Even with this global cooling, copper prices remain nearly 29% higher than a year ago, supported by strong long-term demand from energy-transition initiatives and AI-driven infrastructure expansion. 

The aluminum scrap market is showing mixed to weaker performance, with several indicators pointing toward mild downward pressure heading into February. As with copper, global industrial activity has softened—particularly in China as the country winds down operations ahead of the holiday period. Reduced mill demand has also pushed down spot pricing for primary aluminum grades. 

While short‑term sentiment leans bearish, the structural, long‑term outlook remains stronger due to the continuing importance of recycled aluminum in manufacturing and ongoing supply constraints in primary production.

Stainless and Alloy

LME nickel is trading approximately $0.30 above the current spot market on a 30-day basis. While Indonesia has communicated prospective production cuts for 2026, the prevailing analyst consensus continues to call for a market surplus into next year, limiting upside momentum. 304 and 316 stainless pricing remains largely stable, with slight softness emerging as mills resist higher input costs amid relatively flat demand. Chrome-bearing stainless grades are holding for now, though modest pressure could develop as higher steel pricing provides near-term support.

High-temperature alloys are showing incremental improvement, though pricing has yet to realign with LME intrinsic values. Demand continues to exceed available supply, supported by persistent aerospace production backlogs, which remain elevated. Looking ahead, the outlook points to steady, sustained growth over the coming months, rather than an accelerated rebound.

The titanium market remains subdued, still working through lower-priced material released in 2025. Despite consistent demand across aerospace, industrial, medical, and energy sectors, many market participants believe a meaningful pricing correction may not materialize until Q1 2027.

Tool steels and high-speed steels are modestly firmer, underpinned by strength in cobalt and molybdenum pricing. Meanwhile, carbide drills and inserts continue to exhibit gradual price improvement, though increases remain measured as the market advances cautiously.

Good Morning, 

I hope you had a wonderful holiday season. Here’s a quick recap of USM’s extraordinary year of growth in 2025. We expanded our capabilities with a new aluminum briquetting line and an additional wire processing line, increasing efficiency and throughput for challenging materials. Masters and Alloys thrived, driven by strong precious metal markets. USM Processing achieved a record year for UBC processing despite a tough aluminum market, and USM Charter Alloys also posted another record year. USMe also saw significant growth, further strengthening our platform. Thank you to our industry partners for making this an incredible year.

Steel

January saw a continuation of December’s increases in ferrous. Once again prime scrap rose modestly, while cut grades experienced stronger gains. Busheling was expected to show more strength; however, global markets have been mixed with Turkey being the most active buyer, but China’s domestic scrap prices softened on sluggish steel demand and thinner trading.

Non-Ferrous
The aluminum MWTP continues to rise and hits price records almost daily with the premium on the steps of $1.00.  One UBC (used beverage can) mill confirmed out of the market for this year, and other mills have stated they’re easily buying at lower price levels due to the increased supply that’s available. Argus Media reports that rising consumption forecasts have contributed to the rising aluminum (LME) and copper (Comex) prices. China’s plans to implement in-depth measures to boost consumption, expand green electricity generation, advance urbanization and revive investment as notable priorities. While the US has shifted volumes away from China to other copper export markets at increased levels, the US is still experiencing weak domestic demand.

Precious Metals

Record-high gold prices also helped strengthen sentiment across the base metals complex. London gold futures broke through the $4,600/oz mark for the first time on Monday, driven by rising risk-aversion sentiment. Visit our Masters’ & Alloy site to view more about gold and other precious metal refining.

Stainless and Alloy

LME nickel showing support, with pricing trading roughly $0.50 higher over the past 30 days. Indonesia—the dominant global producer—has signaled potential production reductions beginning in late Q4 2025 for 2026, though the magnitude of these cuts has yet to be defined. Despite this supportive headline, the market remains cautious as global inventories continue to exceed demand. Another moderating factor in the current rally is the anticipated slowdown and structural shift in EV demand, which has tempered enthusiasm for sustained nickel price appreciation. Stainless steel pricing across all grades has edged modestly higher; however, increases have lagged the recent nickel movement. Mills remain hesitant for now, opting to see whether the rally proves durable before implementing further price adjustments. Chrome-bearing stainless grades, meanwhile, are holding firm.

High-temperature alloys have also shown some improvement, loosely tracking nickel’s recovery, though prices remain well below their respective 52-week highs. As the year progresses and demand visibility improves, additional upside may materialize.

Titanium markets continue to face significant challenges, as noted in prior monthly updates. Additional mills and producers have filed for bankruptcy amid unsustainable production costs and persistently weak market conditions.

Tool steels and high-speed steels remain relatively flat despite upward trends in molybdenum and cobalt. Carbide pricing, however, may face further increases as supply concerns persist. That said, any meaningful influx of supply could quickly halt momentum and lead to a rapid price correction.

As the year begins, ongoing uncertainty surrounding trade and tariff policies, political dynamics, production costs, labor constraints, and the continued war in Ukraine remain significant headwinds, making planning and forecasting increasingly difficult across the industry.

As we approach Year-End, we are reminded that our continued success would not be possible without our strong partnerships. Thank you for your commitment to our recycling programs—we look forward to entering 2026 with great possibilities. Now, for our final update of the year!

Steel

After several quieter months, the steel market saw pricing increase across the board to close out the year. Prime scrap rose modestly, while cut grades experienced stronger gains. Although weekly U.S. steel output has remained flat, seasonally slower inbound scrap flows and holiday disruptions tightened supply. What was expected to be a calm month shifted when a southern mill increased pricing to secure material for December, adding upward pressure across the market.

Non-Ferrous

Aluminum:
The aluminum MWTP remains historically high, but weak demand continues to limit scrap price increases. Fire-related outages at Novelis’ rolling mill in Oswego, New York have contributed to an oversupply of aluminum, enabling other mills to purchase material at discounted rates.

Copper:
Copper prices rose to record highs on the LME this week, while the Comex declined sharply ahead of the Federal Reserve’s interest rate decision. Concerns of an impending copper shortage in the export market are pushing LME pricing upward.

Stainless and Alloy

LME Nickel has traded within a tight range over the past month, yet stainless markets remain subdued due to persistently weak mill demand heading into the end of 2025. Grades 304 and 316 have seen modest pullbacks, with additional softening possible in 316 if Molybdenum continues to decline. While a few January inquiries have begun to surface, industry sentiment remains cautious, with limited signs of near-term recovery.
In contrast, chrome-bearing stainless grades are showing relative stability, supported by firmer steel pricing this month.

High-temperature alloys may also see price reductions, influenced by lower Molybdenum values and seasonally soft demand. Although Cobalt continues its upward rally, alloy markets have yet to gain momentum as the year concludes.

Titanium markets remain muted, with sentiment still negative heading into 2026. In related news, two of the world’s largest aircraft manufacturers are finalizing a consolidation deal following a challenging year for one of the companies.

Tool Steels and High-Speed Steels continue to trend flat. Tungsten Alloys, however, have been setting record highs in recent months. While supply currently exceeds demand, pricing is still expected to strengthen in the near term. Even so, market participants remain cautious, aware that pricing could pivot quickly should sentiment shift.

Good Morning, 

Currently we’re seeing many manufactures as well as most mills and foundries enter the holiday season cautiously. US companies announced the largest job cuts (over 150,000) which is the highest for any October in over two decades. 

Steel:

As expected the steel market went sideways on all grades. Consumers are currently trying to pressure buy prices downward, citing sluggish demand for finished steel and disruptions to construction activity caused by typhoons and flooding in Asia. However, some US consumers have noted a modest improvement in demand for some secondary markets. 

Non-ferrous: 

As the aluminum MWTP continue increase to new highs, some fabricators have switch to alternative material, such as magnesium, to decrease costs. Argus published that “purchases from aluminum producers are expected to slow in November because prices remain high and the industry has entered its off-season.” However, some manufacturers are expecting aluminum to continue to replace copper in some automotive and household appliance applications given the high copper prices. 

The slowing global economy, particularly in China, has limited copper demand. China’s weak residential construction sector has been the key factor for the drop in demand, and their current number one priority is now artificial intelligence. As a result, copper spreads continue to widen based off the Chicago Mercantil Exchange with subdued trading expected during the holiday season.

Stainless and Alloy:

30-day LME Nickel has remained relatively stable, trending slightly below its recent average. However, stainless demand is expected to remain subdued through the remainder of 2025 due to typical year-end seasonality. 300-series, 316, and Chrome stainless grades have all recorded declines compared with the prior month. Adding to the uncertainty, ongoing economic headwinds have delayed U.S. mill contract negotiations—traditionally concluded in October—which are now anticipated to settle in November or December. Despite these challenges, the U.S. market continues to outperform Europe, supported by trade measures introduced in the second quarter that successfully curtailed inflows of low-priced imports.

High-temperature alloys segment, sentiment mirrors that of Nickel, with prices maintaining firm support amid year-end positioning. Select grades such as Inconel 625 and 718 are holding comparatively well, while less-utilized grades have softened. Cobalt continues to show a modest strength pattern, whereas Molybdenum remains under downward pressure, as previously highlighted in last month’s update.

Titanium market continues to face significant headwinds. Production delays from a major aerospace manufacturer—whose new aircraft program is now postponed until 2027—have dampened demand. Lower-grade Ferro Titanium has been particularly affected, with two of Europe’s largest mills recently declaring bankruptcy. Compounding this pressure is the declining use of Ferro Ti in automotive and steel applications, as automakers increasingly substitute aluminum for vehicle bodies and truck beds. Furthermore, the influx of cheaper Russian-origin Titanium units, often rebranded through third countries or blended into U.S. lots, is distorting market pricing. Mills broadly expect 2026 to mirror current conditions, with a tentative recovery not projected until Q4 2027.

In contrast, Tool Steel markets are showing resilience, with select grades containing Tungsten exhibiting strength. Tungsten-based alloys continue their upward trajectory, albeit at a slower pace, driven by tightening U.S. supply as export volumes remain elevated.

Overall, the alloy market remains in a state of cautious limbo. Year-end inventory management, economic uncertainty, and the pending outcome of tariff and trade policy decisions have left many manufacturers hesitant to commit fully to their procurement strategies heading into 2026.