The North American scrap metal market enters November 2026 with a distinct structural split across major commodity categories. Ferrous scrap scrap benchmarks are demonstrating firm upward momentum, driven by tightening domestic mill intake and expectations of $20 to $30 per gross ton price increases across US buying districts for November trade settlements. Conversely, nonferrous scrap markets are pulling back under broad commodity pricing pressure, led by sharp declines in clean copper scrap grades, secondary aluminum cuts, and brass scrap alloys. This widening gap highlights divergent fundamentals between domestic steelmakers seeking scrap for electric arc furnace (EAF) operations and export-facing nonferrous recyclers dealing with softer end-market buying.
Ferrous Scrap Rallies on Tight Yard Inflows and Steel Mill Buying
US domestic ferrous scrap prices have started November with noticeable gains, driven by firm mill demand and restricted scrap generation across secondary processors. Heavy Melting Steel (#1 HMS), Shredded Auto Scrap, and Structural Steel have recorded gains of $10 to $15 per metric ton in early reference pricing, while trade sources project full November monthly settlements to rise by $20 to $30 per gross ton over October levels. Steelmakers operating EAF capacity are competing actively for prime and shredded grades to maintain output as finished steel prices strengthen.
Inflows into scrap yards remain constrained due to lower manufacturing industrial scrap generation and reduced demolition activities ahead of winter. This tighter supply environment has emboldened scrap yards and metal processors to hold out for higher monthly contract prices. Prime industrial scrap grades, including #1 Busheling and #1 Bundles, continue to command strong premiums, reflecting consistent intake demand from flat-rolled steel producers.
Nonferrous Metals Under Pressure as Copper Scrap Drops
In contrast to the buoyant ferrous sector, nonferrous scrap categories faced immediate selling pressure entering November 2026. Clean copper scrap grades experienced significant price reductions, with benchmark items—including #1 Copper Bare Bright, #1 Copper Wire and Tubing, #2 Copper Wire and Tubing, and #3 Light Copper—dropping up to 16 cents per pound. Brass and bronze scrap grades also tracked lower, softening by 1 to 4 cents per pound depending on the alloy composition.
Aluminum scrap benchmarks weakened moderately across primary secondary grades, with Electric Conductor (E.C.) Aluminum Wire falling 2 cents per pound, while automotive aluminum scrap and secondary turnings drifted lower. The nonferrous decline reflects softer global metal exchange quotes, cautious buying from domestic secondary ingot manufacturers, and reduced export bids into major Asian smelting hubs. Meanwhile, stainless steel scrap grades, such as 304 SS and 316 SS solids and turnings, remained flat across major North American buying indices.
Market Impact
○ Impacted Metals: #1 HMS, Shredded Auto Scrap, Structural Steel, #1 Copper Bare Bright, #1 Copper Wire, E.C. Aluminum Wire, 304 Stainless Steel Scrap
○ Direction: Mixed
○ Time Horizon: Near-term (November 2026)
○ Affected Industries: Steel Manufacturing, Secondary Aluminum Smelting, Copper Refining, Automotive Manufacturing, Scrap Recycling, Construction
○ Related Price Reports: Steel Scrap Weekly Price Report, Copper Weekly Price Report, Aluminum Weekly Price Report, Stainless Steel Weekly Price Report
○ Watch Item: Monitor November domestic US ferrous scrap settlement prices across key buying districts to determine whether mill buy-programs match dealer target increases of $20 to $30 per gross ton.
SuperMetalPrice Commentary:
The sharp divergence between North American ferrous and nonferrous scrap markets in November highlights contrasting domestic supply-demand dynamics. Strong EAF steelmaking operations and reduced seasonal scrap generation are favoring ferrous scrap processors, who maintain effective pricing leverage for November order books.
However, nonferrous recycling channels remain exposed to international macroeconomic headwinds and volatile exchange trading. Metal procurement managers and scrap buyers should closely monitor the completion of November ferrous scrap settlements and track whether copper scrap prices stabilize near key secondary smelting margins.
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