Smash Scrap Morning Metals Report – March 23, 2026

Prices as of March 23, 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 — $4,400/oz ▼
• Silver — $68.10/oz ▲
• PGMs — Rh ▼ $10,900 · Pt ▼ $1,897 · Pd ▲ $1,442
• Copper — $5.43/lb ▲
• Aluminum — $1.44/lb ▼
• Steel Scrap — $413.00/mt ▸
• Macro Backdrop
• CAD — USD/CAD 1.3718

Smash Scrap Takeaways for Today

• Gold & Silver — Gold dropped $97 to $4,400/oz while silver edged up 20 cents to $68.10/oz; with gold showing heavy selling pressure, consider holding silver inventory as it's showing relative strength and our models correctly called this divergence.
• PGMs — Palladium surged $50 to $1,442/oz (+3.59%) while platinum fell $27 to $1,897/oz and rhodium dropped $250 to $10,900/oz; sell palladium scrap immediately as it's the day's strongest performer, but hold platinum and rhodium for a potential bounce.
• Copper — Copper jumped 12 cents to $5.43/lb (+2.35%), making it attractive for Detroit and Chicago yards; list copper inventory today as industrial demand is showing strength.
• Aluminum — Aluminum dipped less than a penny to $1.44/lb, showing minimal weakness; hold aluminum scrap as the decline is negligible and may reverse quickly.
• Big Picture — Mixed session with 3 of 7 metals higher, suggesting selective strength rather than broad market direction; focus on the winners (palladium, copper, silver) for immediate sales.

Macro Backdrop — Energy and Risk

Brent Crude Oil: $99.36/bbl, down $7.41 (-6.94%) day-over-day.

Oil's sharp $7.41 drop reflects growing concerns about global demand as China's manufacturing data disappointed and recession fears mount. The energy sell-off weighs heavily on industrial metals and scrap values, as lower fuel costs reduce transportation advantages but signal weaker economic activity ahead. Rising inflation expectations to 2.38% and persistent Fed rates near 3.64% are squeezing manufacturers who drive scrap demand from Detroit auto plants to Houston petrochemical facilities.

The macro backdrop creates mixed signals for scrap yards across Chicago, Pittsburgh, and Atlanta markets. While cheaper energy should help margins, the underlying demand destruction that's driving oil lower poses bigger risks to pricing. Recent headlines about tariff impacts on consumer goods and wealthy investors shifting to physical assets like jewelry suggest continued supply chain disruptions ahead. Scrap processors should expect choppy conditions as oversold metals markets attempt to stabilize, but fundamental demand concerns from manufacturing weakness could limit any meaningful recovery until economic data improves.

Gold — Safe-Haven Indicator

• Spot Gold (XAU): $4,400/oz, down $97.31 (-2.16%) day-over-day. Previous close: $4,497/oz.
• 5-day trend: ↓ 4 of last 5 sessions.

Gold's decline reflects the broader commodity selloff as economic concerns weigh on precious metals markets across major scrap hubs from Detroit to Los Angeles. The weakening follows disappointing manufacturing data and recession fears that are dampening industrial demand, though scrap gold sellers and e-waste recyclers should note that gold's safe-haven appeal typically strengthens during economic uncertainty. With gold showing downward pressure in four of the last five trading sessions, recyclers in cities like Chicago and Houston may find buyers more selective, but the metal's fundamental role as a portfolio hedge suggests any major economic deterioration could quickly reverse current weakness.

Silver — Industrial & Precious Hybrid

• Spot Silver (XAG): $68.10/oz, up +$0.1960 (+0.29%) day-over-day. Previous close: $67.90/oz.
• 5-day trend: ↓ 4 of last 5 sessions.
• Gold/Silver ratio: 64.6:1.

Silver's modest gain reflects the broader weakness in industrial metals as oil's sharp decline signals concerns about economic demand ahead. The gold-to-silver ratio at 64.6 to 1 suggests silver remains relatively undervalued compared to gold, which could attract scrap sellers in major markets like Detroit and Chicago where automotive recyclers handle silver-bearing components. However, silver's recent weakness over four of the last five sessions shows the industrial side of the market is feeling pressure from recession fears, particularly affecting electronics recyclers and solar panel scrap values across industrial hubs from Houston to Cleveland.

Precious Metals (PGM) — Screen Indicators

• Platinum (Pt): $1,897/oz, down $27.00 (-1.40%) day-over-day. Previous close: $1,924/oz. MoM: -12.1%.
• Platinum 5-day trend: ↓ 4 of last 5 sessions.
• Palladium (Pd): $1,442/oz, up +$50.00 (+3.59%) day-over-day. Previous close: $1,392/oz. MoM: -17.3%.
• Palladium 5-day trend: ↓ 4 of last 5 sessions.
• Rhodium (Rh): $10,900/oz, down $250.00 (-2.24%) day-over-day. Previous close: $11,150/oz. MoM: -0.7%.
• Rhodium 5-day trend: ↓ 4 of last 5 sessions.

PGM markets showed mixed signals as palladium surged while platinum and rhodium retreated, reflecting the broader industrial slowdown from oil's sharp decline and mounting recession fears. Scrap sellers in Detroit and Chicago auto recycling hubs saw palladium values jump despite its recent weak trend, offering a brief bright spot for catalytic converter processors, while rhodium's slide continued pressuring high-grade scrap returns across major markets from Houston to Philadelphia. The divergent moves highlight how economic uncertainty is creating volatile swings in precious metals, making timing crucial for scrap yard operators looking to maximize returns on PGM-containing materials.

Copper — Current Indicators

• COMEX/Spot Copper: $5.43/lb, up +$0.1245 (+2.35%) day-over-day. Previous close: $5.30/lb.
• 5-day trend: ↓ 3 of last 5 sessions.

Copper gained about 12 cents today despite broader weakness in industrial metals, as scrap sellers in Detroit, Chicago, and Houston saw mixed signals from the market. While the gain provided some relief after three declining sessions in the past five days, the sharp drop in oil to $99.36 reflects growing economic concerns that could weigh on copper demand ahead. Sellers of #1 copper, bare bright wire, and motor windings should monitor whether this bounce holds, as weaker economic activity typically reduces industrial appetite for scrap metal even when transportation costs decline.

Aluminum — Current Indicators

• LME Aluminum: $3,174/tonne ($1.44/lb), down $0.0095 (-0.66%) day-over-day. Previous close: $1.45/lb.
• 5-day trend: ↓ 4 of last 5 sessions.

Aluminum prices slipped slightly today as oil's sharp decline signals weakening economic demand, continuing the metal's recent downward pressure with losses in four of the past five trading sessions. The broader industrial slowdown from disappointing Chinese manufacturing data weighs on scrap aluminum markets across Detroit, Chicago, and Houston, as reduced factory activity typically means less demand for recycled materials. Cast aluminum and automotive scrap sellers should watch for any signs that lower transportation costs from cheaper fuel might provide some relief, though the overall economic concerns suggest caution for sheet and extrusion aluminum pricing in the near term.

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.