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.

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.