March brings a mixed landscape to the metals recycling market, much like its unpredictable weather. This month, we observed a significant downturn in the steel sector, with HMS #1 steel prices dropping by $40 a ton and busheling by $60 a ton. These reductions have effectively erased the gains seen at the end of 2023, casting a bearish outlook for April. However, there’s a glimmer of hope that lower new steel prices might invigorate the market next month.
On the brighter side, non-ferrous metals are flourishing, with copper prices inching closer to the $4.00 mark, and both aluminum and nickel surpassing significant price thresholds. Despite a stable USD-Yuan exchange rate, the non-ferrous sector’s resilience offers a silver lining. As we transition from March’s blend of winter’s end and spring’s onset, we remain optimistic for more uniformly positive news in the metals market come April.
