August market conditions have remained largely stable, with balanced supply and demand limiting significant price movement across most scrap grades. Most consumers continue to point to a relatively quiet summer trading environment, as mill outages, seasonal slowdowns, and weaker export activity temper demand while scrap availability remains generally adequate. Inventories at domestic mills remain near historical averages, contributing to a market that is stable but lacking a strong directional catalyst.

Steel: 

In the ferrous market, prime steel scrap prices remain unchanged from July levels, while cut grades declined again this month. Strong domestic steel production continues to support consumption, with U.S. mills producing approximately 1.87 million net tons of raw steel in the week ending August 1 and operating at an 81.0% utilization rate. While prime grades remain relatively well supported by strong finished steel pricing and solid mill order books, buyers generally continue to pursue a cautious purchasing strategy.

Copper: 

Copper remains one of the strongest-performing commodities in the market. U.S. COMEX copper prices reached new record highs in early August as continued tariff uncertainty and supply concerns encouraged additional metal to move into the United States. The pricing gap between COMEX and the London Metal Exchange (LME) remains elevated, creating arbitrage opportunities that support domestic pricing.

Aluminum:

Aluminum markets improved modestly during August, with most scrap grades recording gains during the first week of trading. Demand for secondary aluminum remains stable, supported by can sheet, automotive, and industrial applications. Used Beverage Cans (UBCs) continued to perform well, posting gains from July levels and maintaining one of the stronger trends within the aluminum complex. National pricing indicators show UBC values trending higher than earlier in the summer, supported by steady consumption and ongoing demand for recycled aluminum feedstock.

Brass:

The brass market also strengthened during August, benefiting directly from the continued rise in copper prices. Brass scrap values posted modest week-over-week gains as foundries and consumers maintained steady purchasing activity. While increases have been measured, the overall market remains firm, particularly for red brass and higher-copper-content grades.

Stainless and Alloys: 

LME Nickel remains in a tight trading range with a slight upward bias. Demand and pricing are stable, despite the typical summer slowdown. 304 and 316 stainless values continue to hold, while chrome-bearing grades may see a modest correction.

High-Temperature Alloys remain steady on moderate demand, though pricing has yet to return to year-to-date highs.

Titanium is relatively flat with a moderately bullish outlook, particularly for clean aerospace grades.

Tool Steel and High-Speed Steel remain somewhat volatile, especially Moly and Tungsten bearing grades. T-Series grades face greater downside risk as the underlying market softens.

Carbide and Tungsten Alloys continue to face headwinds, with softer demand and customers drawing down existing inventories rather than rebuilding.

Looking ahead, market fundamentals suggest continued stability through the remainder of the summer. Ferrous pricing is expected to remain rangebound as mills balance adequate scrap inventories with steady steel production. Copper is likely to remain the key driver within the nonferrous sector, supported by strong COMEX pricing and ongoing supply concerns. Aluminum and brass markets should continue to benefit from supportive underlying commodity prices and consistent industrial demand, although seasonal factors may limit significant upside in the near term.

July market conditions remained generally stable, although sentiment softened across parts of the ferrous sector as seasonal mill outages, extreme heat, and summer operating schedules tempered demand expectations. Scrap availability remained adequate in most regions, and inventory levels were reported near historical averages, resulting in a balanced market without a clear catalyst for significant price movement. While buyers adopted a cautious approach, overall pricing remained relatively steady across most grades. 

Steel

In the ferrous market, steel scrap prices remained largely unchanged through the first half of July as domestic mills maintained consistent purchasing patterns and continued operating at healthy utilization rates. U.S. raw steel production remained strong, with mills producing approximately 1.86 million net tons per week and operating above 80% capacity utilization. Year-to-date steel output remained roughly 6% above 2025 levels, supporting ongoing scrap consumption. However, weaker export demand, particularly from Turkey (the world’s largest scrap importer) continued to limit upside potential for obsolete grades such as shredded scrap and HMS. 

Copper

Nonferrous markets were more constructive during July. Following June’s surge to record-high copper prices and the subsequent correction of approximately 10% later in the month, copper scrap prices stabilized and posted modest gains across most major grades in July. Market support continued to come from steady industrial demand, ongoing infrastructure investment, and strength in the underlying copper market. While month-to-date gains have been relatively modest, copper prices remain at historically elevated levels compared to long-term averages, providing continued support for copper scrap values.

Aluminum

Aluminum markets are starting to rebound somewhat during July after a mixed performance through much of the second quarter. Some secondary aluminum scrap grades posted gains, including Used Beverage Can (UBC) during the first half of the month as secondary aluminum demand improved experienced week-over-week gains. Despite these improvements, aluminum pricing remains dependent on broader primary aluminum trends and seasonal scrap flows.

Brass

Some Brass markets also moved higher during July, benefiting from copper’s strength. Both red brass and yellow brass prices recorded modest gains, reflecting stable demand from foundries and industrial consumers. Price increases remained measured, but the market continued to trend positively compared with the relatively flat conditions seen earlier in the summer. 

Stainless Steel & Alloy

LME nickel traded approximately $0.60/lb below the June average, largely driven by uncertainty surrounding Indonesian export policies and supplier agreements. A softer market is anticipated over the next six months as participants monitor global demand trends and supply chain developments. 304 stainless pricing softened modestly, while 316 grades remained firm, supported by steady demand and molybdenum support. Chrome-bearing stainless grades have also held pricing for the time being.

Despite stable demand, high-temperature alloy pricing moved lower in line with nickel’s decline. Titanium pricing remained relatively steady, with increased market participation potentially supporting modest strengthening ahead. Tool steel and high-speed steel markets edged lower due to softer demand and seasonal summer slowdowns. The tungsten alloy market also weakened from the prior month as speculative inventories re-entered the market, pressuring demand.

Looking ahead, the market enters the latter part of summer with generally balanced fundamentals. Ferrous pricing is expected to remain stable barring significant changes in export activity or domestic steel production. Copper appears poised to remain the strongest nonferrous performer, supported by elevated COMEX pricing and ongoing infrastructure and electrification demand. Aluminum and brass markets are expected to continue tracking broader base metal trends while remaining sensitive to regional supply and demand conditions.

June market conditions reflected a continuation of the steady but fragmented environment established in May, with ferrous scrap prices largely trading sideways and nonferrous metals showing mixed but generally supportive trends. Across the U.S., scrap markets entered the summer period with balanced supply and demand fundamentals, as mills maintained stable purchasing patterns and avoided significant price adjustments. Market sentiment remained divided, with some participants expecting modest gains while others anticipated continued sideways movement, reinforcing the overall lack of a strong directional driver to start the month.

Steel 

In the ferrous market, pricing across major grades—including shredded scrap, HMS, and busheling—held largely unchanged from May levels. Mills across multiple regions, including the Midwest, South, and Northeast, entered the June buying cycle at sideways pricing, reflecting adequate scrap flows and consistent procurement strategies. Supply conditions were stable, supported by improved seasonal inflows compared to earlier in the year, while mill inventories were reported near average levels, limiting the need for aggressive price movement. At the same time, strong steel production levels continued to support underlying scrap demand. 

Copper

Nonferrous markets remained the primary source of movement in June, although trends varied by metal. Copper spreads between COMEX and the LME remained elevated in June due to ongoing arbitrage dynamics driven by regional pricing differences. COMEX copper continued to trade at a premium to global benchmarks, incentivizing traders to move physical metal into the U.S. to capture the spread. This has led to increased inventory levels domestically while drawing down supply in global markets. The divergence reflects a combination of U.S. demand strength, trade policy uncertainty, and logistics costs, resulting in wider domestic pricing versus export markets and continued volatility in copper scrap spreads. Demand continues to be supported by infrastructure, electrical, and industrial applications, although short term pricing remains sensitive to broader macroeconomic factors. Brass markets generally tracked copper, with modest gains reported across several grades, though pricing remained mixed depending on quality and regional demand.

Aluminum

Aluminum markets were more subdued, with most grades holding steady or declining slightly, reflecting balanced supply conditions and limited near term demand growth. UBC pricing followed this trend, but slightly lower as seasonal flows increased with aluminum mills already at capacity. 

Looking ahead, the market enters the summer months with stable fundamentals but limited momentum. Ferrous scrap pricing is expected to remain largely rangebound unless driven by changes in steel production levels or export demand. Nonferrous markets—particularly copper—are likely to remain the most dynamic segment, with continued sensitivity to global commodity pricing and macroeconomic conditions. Aluminum and brass markets are expected to track broader trends in primary metals while remaining influenced by regional supply and demand conditions.

Stainless & Alloys

LME nickel fell by $0.30/lb over the past 30 days on profit-taking and softer industrial demand, while stainless still remains stable on steady consumption and balanced ferrous markets. 316 stainless may face near-term pressure as molybdenum prices ease and post-monsoon ore supply improves availability.

High-temperature alloys continue to be supported by strong aerospace demand outpacing production, despite some nickel-related softness, while titanium remains firm in prime grades as mills draw down inventories. Tool steels are broadly steady, with some pressure in high-speed grades but early signs of stabilization in carbide and tungsten as restocking begins.

Overall, demand from aerospace, defense, data centers, infrastructure, and batteries supports stainless and specialty alloys, though trade policy shifts and raw material risks will remain key pricing variables into 2H 2026.

Good Afternoon, 

May market conditions in ferrous pricing was similar to the April softness, while nonferrous metals continued to show relative strength.  

Steel 

The U.S. ferrous scrap market took longer than typical to settle, but final pricing trends indicated largely stable conditions overall. The Chicago and Midwest markets shared a regional softness in heavy melt, shred and machine shop turning categories. Prime grades were stable with reflecting a sideways market.  

Ferrous demand was supported by improving steel production activity, as U.S. mills increased output into early May. Weekly raw steel production reached approximately 1.856 million net tons, with capacity utilization exceeding 80 percent, representing a year-over-year increase of nearly 10 percent. Year-to-date production also remained elevated, indicating sustained demand from construction and manufacturing sectors.  

Copper 

Nonferrous markets continued to outperform ferrous in May, led by consistent strength in copper pricing. Across North America, copper scrap grades experienced broad gains reported in early May trading. Gains were also observed in insulated wire, brass and bronze categories, reflecting sustained demand and favorable market sentiment.  

Aluminum 

Aluminum pricing trends were more mixed but showed improvement compared to April. While certain scrap aluminum grades remained flat or declined slightly in early May, broader market data indicated increasing prices across multiple categories as the month progressed. 

From a broader market perspective, macroeconomic and geopolitical factors continued to influence scrap pricing and flows. Ongoing global uncertainty, including elevated energy costs and trade policy developments, contributed to increased volatility in transportation and processing costs. At the same time, manufacturing activity showed gradual improvement, supporting demand for both ferrous and nonferrous scrap materials. 

Stainless and Alloys 

LME Nickel has posted notable gains over the past 30 days relative to last month’s average, placing renewed upward pressure on mills to elevate pricing across stainless and specialty alloy markets. We have observed moderate appreciation in both 304 and 316 stainless values, with 316 outperforming due to continued strength in both Nickel and Molybdenum indexes. Conversely, chrome-bearing stainless grades have remained relatively flat as the market awaits confirmation of this month’s mill steel pricing announcements. 

While underlying demand fundamentals have remained steady, seasonal headwinds may begin to emerge as the market approaches the summer months — a period traditionally associated with planned mill maintenance outages and softer procurement activity. Additionally, mills may elect to further widen discount structures in an effort to offset increases in raw material indexes and preserve order flow amid potentially slower summer demand. 

The majority of high-temperature alloys have mirrored the broader stainless market’s upward trajectory, with favorable movement seen in select Air-Melt alloys including 625, Monel 400, Hastelloy X, and select Haynes grades. In contrast, Vac-Grade alloy pricing has remained comparatively subdued. Robust supply availability has tempered additional price escalation, despite widespread expectations among market participants for stronger upward momentum. That said, trader sentiment suggests appetite may improve heading into June and July as inventories normalize and procurement cycles resume. Cobalt-based alloys such as F75, L605, and HS188 have remained largely quiet, with limited pricing volatility observed in recent weeks. 

Titanium markets likewise continue to trade in a relatively dormant range. While Ferro Titanium grades have shown modest improvement, traditional 6-4 and CP Titanium products have yet to experience any meaningful upward movement. 

Low-alloy tool steels and high-speed steels have generally remained stable, with the notable exception of Tungsten-bearing T-series grades. Tungsten markets rallied sharply, surpassing 52-week highs as pricing momentum accelerated. However, the rally retraced quickly following increased volatility surrounding China’s APT market, prompting widespread trader liquidation and a rapid influx of units into the marketplace. The resulting supply wave satisfied near-term demand requirements, leaving many consumers temporarily absent from the market for a one- to two-week period while processing inbound material and reassessing inventory positions. 

USM remains focused on maintaining disciplined procurement strategies, optimizing logistics and flow efficiency, and working closely with suppliers and consumers to navigate evolving market conditions. 

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.