Commodity indexes roared upward. Copper hit all-time highs. Gold surged. But eScrap prices stayed flat—or fell.
Smelters and mills couldn’t keep up. Budgets were maxed, inventories full, and deliveries rejected. Global copper smelters booked out for months. Domestic mills sitting on overflow. While futures screamed bull market, the physical trade hit a wall.
And that wall hasn’t moved. Malaysia’s export chaos is jamming routes. China’s economy is stalling out. Demand isn’t just delayed—it’s evaporating. Futures say “uptrend,” but the eScrap market is frozen in place.
Is your side of the industry feeling this too? What are you seeing, hearing, or holding right now? Let’s compare notes.