SMASH Recycling Morning Metals Report – March 25, 2026

Prices as of March 25, 2026 at 12:30 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.

Jump to:

• Gold — $4,550/oz ▲
• Silver — $72.48/oz ▲
• PGMs — Rh ▲ $10,800 · Pt ▲ $1,955 · Pd ▲ $1,427
• Copper — $5.53/lb ▲
• Aluminum — $1.48/lb ▲
• Steel Scrap — $413.00/mt ▸
• Macro Backdrop
• CAD — USD/CAD 1.3761

SMASH Recycling Takeaways for Today

• Gold & Silver — Lock in precious metals sales immediately at gold $4,550/oz (up $81) and silver $72.48/oz (up $1.01). Both metals are recovering strongly after major declines, but our models have been wrong on precious metals bounces lately. Don't wait for higher prices in this volatile environment.
• PGMs — Rhodium leads the recovery at $10,800/oz (up $200), followed by platinum at $1,955/oz (up $26). Auto recyclers in Toronto and Vancouver should move catalytic converter inventory now while all PGMs are green. Palladium's smaller gain of $10 suggests caution on automotive scrap timing.
• Copper — Minimal movement at $5.53/lb (up less than a penny) signals consolidation after recent weakness. Hamilton and Montreal industrial sellers should wait for clearer direction before major wire and tube inventory moves. Current pricing offers little momentum either way.
• Aluminum — Steady at $1.48/lb with modest 52-cent gain. Calgary and Edmonton fabrication scrap can move at current levels, but don't expect significant premiums. The small uptick suggests stable but not exciting demand from smelters.
• Big Picture — Strong broad-based rally with 7 of 7 metals higher today indicates improved sentiment across Canadian scrap markets from coast to coast.

Macro Backdrop — Energy and Risk

Brent Crude Oil: $95.41/bbl, down $4.81 (-4.80%) day-over-day.

Oil's sharp $4.81 drop reflects easing tensions in the Strait of Hormuz after the UAE condemned Iran's economic disruption tactics. This energy pullback reduces transportation costs for scrap collectors across Toronto, Montreal, and Vancouver, but also signals weaker global demand that could pressure industrial metal prices. The softer dollar and declining bond yields provide some support for commodity markets, though scrap yards from Calgary to Halifax should watch for mixed signals as geopolitical risk premiums unwind.

China's copper inventory decline suggests improving demand despite recent price weakness, which could benefit heavy scrap values in major Canadian industrial centers like Hamilton and Winnipeg. However, continued institutional selling in precious metals markets indicates broader risk-off sentiment that may limit any near-term recovery in scrap pricing. Canadian operators should prepare for choppy conditions as energy cost relief competes with demand uncertainty.

Gold — Safe-Haven Indicator

• Spot Gold (XAU): $4,550/oz, up +$81.13 (+1.82%) day-over-day. Previous close: $4,469/oz.
• 5-day trend: ↓ 3 of last 5 sessions.

Gold climbed as easing Middle East tensions paradoxically boosted safe-haven demand, with scrap sellers across Toronto and Vancouver benefiting from the stronger precious metals environment. While reduced geopolitical risk typically pressures gold, central bank buying appears to be providing underlying support at current levels. E-waste recyclers and jewelers should monitor whether this bounce continues or if gold retreats given the mixed three-of-five session downtrend over recent days.

Silver — Industrial & Precious Hybrid

• Spot Silver (XAG): $72.48/oz, up +$1.01 (+1.41%) day-over-day. Previous close: $71.48/oz.
• 5-day trend: ↑ 3 of last 5 sessions.
• Gold/Silver ratio: 62.8:1.

Silver gained ground as easing Middle East tensions reduced oil prices, lowering transportation costs for scrap collectors across Toronto and Vancouver while supporting the metal's industrial demand outlook. The gold-silver ratio at 62.8:1 suggests silver remains relatively affordable compared to gold, potentially attracting more scrap sellers to liquidate silver jewelry, coins, and electronics components. Electronics recyclers should note silver's recent upward momentum over three of the past five sessions, as the metal benefits from both its safe-haven appeal and growing industrial uses in solar panels and circuit boards.

Precious Metals (PGM) — Screen Indicators

• Platinum (Pt): $1,955/oz, up +$26.00 (+1.35%) day-over-day. Previous close: $1,929/oz. MoM: -8.9%.
• Platinum 5-day trend: ↓ 3 of last 5 sessions.
• Palladium (Pd): $1,427/oz, up +$10.00 (+0.71%) day-over-day. Previous close: $1,417/oz. MoM: -17.1%.
• Palladium 5-day trend: ↑ 3 of last 5 sessions.
• Rhodium (Rh): $10,800/oz, up +$200.00 (+1.89%) day-over-day. Previous close: $10,600/oz. MoM: -3.4%.
• Rhodium 5-day trend: ↓ 4 of last 5 sessions.

Platinum, palladium, and rhodium all posted gains today as easing Middle East tensions helped stabilize precious metals markets across Canada. The modest increases provide some relief for scrap sellers in Toronto and Vancouver who have watched these valuable catalytic converter metals decline through much of recent trading sessions. With transportation costs dropping alongside oil's pullback, scrap collectors from Montreal to Calgary may find improved margins, though sellers should monitor whether today's uptick represents genuine recovery or temporary relief in what has been a challenging period for platinum group metals.

Copper — Current Indicators

• COMEX/Spot Copper: $5.53/lb, up +$0.0035 (+0.06%) day-over-day. Previous close: $5.53/lb.
• 5-day trend: ↑ 4 of last 5 sessions.

Copper edged barely higher today, gaining less than a cent as the market showed mixed signals following recent volatility. While transportation costs are improving for scrap collectors across Toronto, Montreal, and Vancouver due to lower oil prices, the underlying demand concerns that have pressured industrial metals remain. Sellers of #1 and #2 copper, bare bright wire, and copper tubing should watch for clearer direction signals, as copper's recent recovery from last week's decline to $5.41 per pound appears tentative rather than the start of sustained strength.

Aluminum — Current Indicators

• LME Aluminum: $3,256/tonne ($1.48/lb), up +$0.0076 (+0.52%) day-over-day. Previous close: $1.47/lb.
• 5-day trend: ↑ 3 of last 5 sessions.

Aluminum edged higher as reduced transportation costs from oil's sharp drop help scrap collectors across Toronto and Vancouver, though the modest gain reflects concerns about weaker global demand pressures ahead. The slight uptick benefits sellers of cast, sheet, and extrusion aluminum, but the broader energy pullback signals industrial demand uncertainty that could limit further price advances. Canadian scrap yards should monitor whether this recent upward momentum in three of the last five sessions can sustain against the backdrop of easing geopolitical tensions.

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 Recycling and let vetted Canadian buyers compete for your scrap.