SMASH Recycling Morning Metals Report – March 20, 2026

Prices as of March 20, 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.

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• Gold — $4,676/oz ▲
• Silver — $72.19/oz ▼
• PGMs — Rh ▼ $11,150 · Pt ▲ $1,982 · Pd ▲ $1,438
• Copper — $5.47/lb ▼
• Aluminum — $1.49/lb ▲
• Steel Scrap — $413.00/mt ▸
• Macro Backdrop
• CAD — USD/CAD 1.3728

SMASH Recycling Takeaways for Today

• Gold & Silver — Gold up $7.75 to $4,676/oz provides relief after recent selloff, but silver down 94 cents to $72.19/oz shows continued weakness; hold gold scrap for potential further recovery but consider selling silver inventory in Toronto and Vancouver markets before additional declines
• PGMs — Platinum ($1,982/oz) and palladium ($1,435/oz) both gaining modestly today, but rhodium dropped $150 to $11,150/oz; automotive recyclers in Hamilton and Calgary should monitor rhodium closely as this represents significant dollar loss despite metal's recent resilience
• Copper — Down 6 cents to $5.47/lb continues recent weakness; industrial sellers across Montreal and Edmonton markets should consider current pricing adequate given global manufacturing concerns weighing on base metals
• Aluminum — Up about 2 cents to $1.49/lb shows positive momentum; beverage can processors and auto recyclers in Winnipeg and Ottawa should capitalize on this 1.06% gain by moving inventory today
• Big Picture — Mixed session with 4 of 8 metals higher suggests market indecision as metals attempt recovery from recent broad-based selloff

Macro Backdrop — Energy and Risk

Brent Crude Oil: $103.19/bbl, down $0.0600 (-0.06%) day-over-day.

Oil markets remain volatile as the Iranian attack on Qatar's LNG facilities continues to ripple through energy sectors, though Brent pulled back 6 cents today after recent gains. The geopolitical shock has European gas prices soaring 35%, creating uncertainty about broader energy costs that directly impact scrap processing expenses across Canadian yards from Vancouver to Halifax. Higher energy costs squeeze margins for scrap dealers who rely on heavy machinery, transportation, and processing equipment.

The macro picture shows continued pressure on industrial metals, with inflation expectations dropping slightly to 2.37% while the Fed holds rates steady at 3.64%. This environment typically weighs on scrap values as manufacturers become more cautious about raw material purchases. Canadian scrap operators in Toronto, Montreal, and Calgary should watch for weaker demand signals from steel mills and aluminum processors, especially as base metals extend their recent declines. The combination of energy price volatility and industrial metal weakness suggests scrap premiums may face headwinds in the near term.

Gold — Safe-Haven Indicator

• Spot Gold (XAU): $4,676/oz, up +$7.75 (+0.17%) day-over-day. Previous close: $4,668/oz.
• 5-day trend: ↓ 3 of last 5 sessions.

Gold edged higher with a modest gain, recovering some ground after falling in three of the past five sessions amid volatile energy markets from the Iranian attack on Qatar's LNG facilities. The small uptick offers limited relief for Canadian scrap sellers from Vancouver to Halifax who have watched gold retreat from recent highs, though the metal's safe-haven appeal remains intact during ongoing geopolitical tensions. With processing costs under pressure from soaring European gas prices rippling through energy sectors, scrap yard operators and e-waste recyclers should monitor whether gold can build on today's modest recovery or face further headwinds from the broader commodity selloff.

Silver — Industrial & Precious Hybrid

• Spot Silver (XAG): $72.19/oz, down $0.9390 (-1.28%) day-over-day. Previous close: $73.13/oz.
• 5-day trend: ↓ 4 of last 5 sessions.
• Gold/Silver ratio: 64.8:1.

Silver pulled back as processing costs remain elevated from ongoing energy market disruptions, though the metal's decline reflects broader precious metals weakness rather than silver-specific fundamentals. The gold-to-silver ratio at 64.8:1 suggests silver remains relatively affordable compared to gold, which could attract buyers looking for industrial exposure through jewelry scrap, electronics recycling, and solar panel materials. Canadian recyclers from Vancouver to Halifax should watch how sustained energy cost pressures might compress margins, particularly for electronics processors who rely on silver recovery from circuit boards and industrial components.

Precious Metals (PGM) — Screen Indicators

• Platinum (Pt): $1,982/oz, up +$2.00 (+0.10%) day-over-day. Previous close: $1,980/oz. MoM: -4.4%.
• Platinum 5-day trend: ↑ 3 of last 5 sessions.
• Palladium (Pd): $1,438/oz, up +$3.00 (+0.21%) day-over-day. Previous close: $1,435/oz. MoM: -13.8%.
• Palladium 5-day trend: ↓ 3 of last 5 sessions.
• Rhodium (Rh): $11,150/oz, down $150.00 (-1.33%) day-over-day. Previous close: $11,300/oz. MoM: +2.3%.
• Rhodium 5-day trend: ↓ 3 of last 5 sessions.

PGM markets showed mixed action as energy uncertainty continues weighing on processing costs, with platinum and palladium posting modest gains while rhodium declined sharply. Platinum recovered some ground after last session's steep selloff, though the metal remains under pressure from broader market volatility, while palladium's advance comes despite recent weakness that has persisted over multiple sessions. Rhodium's larger pullback reflects ongoing industrial demand concerns, creating a challenging environment for Canadian scrap sellers from Vancouver to Halifax who face both volatile pricing and elevated energy costs impacting yard operations.

Copper — Current Indicators

• COMEX/Spot Copper: $5.47/lb, down $0.0620 (-1.12%) day-over-day. Previous close: $5.53/lb.
• 5-day trend: ↓ 3 of last 5 sessions.

Copper prices slipped today, continuing the recent downward trend that has affected 3 of the last 5 trading sessions as processing costs remain elevated across yards from Vancouver to Halifax. Despite oil pulling back slightly from recent highs, the broader energy volatility stemming from Middle East supply disruptions continues to pressure scrap processing margins, weighing on demand for #1 and #2 copper along with bare bright wire. Canadian scrap sellers should monitor whether this week's weakness extends into next week, as the metal has dropped from $5.70 just days ago, potentially creating better buying opportunities for processors if energy costs stabilize.

Aluminum — Current Indicators

• LME Aluminum: $3,276/tonne ($1.49/lb), up +$0.0156 (+1.06%) day-over-day. Previous close: $1.47/lb.
• 5-day trend: ↓ 3 of last 5 sessions.

Aluminum rebounded slightly today, gaining about 2 cents per pound as markets stabilized despite ongoing energy cost pressures from the Middle East crisis. While the modest recovery follows several days of weakness, Canadian scrap sellers from Vancouver to Halifax should remain cautious as processing costs stay elevated with European gas prices still surging. Cast aluminum and sheet metal sellers may find marginally better pricing, though the metal's recent volatility suggests yard operators should lock in prices quickly when favorable opportunities arise.

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.