Copper Scrap Metal Market Report: November 2025

US copper scrap prices in November 2025 settled into a trading range that felt more predictable than October's volatility. Bare bright copper scrap moved between $4.60 and $4.90 per pound throughout the month, maintaining the premium over LME pricing that processors fought for earlier in the quarter. Number 1 copper wire held steady at $4.40 to $4.65 per pound, while number 2 grades traded between $3.90 and $4.15 per pound. Regional buyers reported less day-to-day variance than the September and October swings.

The London Metal Exchange three-month copper contract spent most of November between $4.00 and $4.25 per pound. That put it about 8% higher than January 2025, but down from October's peak near $4.30. The market found support around the $4.00 level multiple times during the month, which suggests buyers stepped in whenever prices dipped below that threshold. For scrap processors, this meant the spread between LME pricing and scrap premiums stayed healthy enough to keep margins workable.

Regional differences became more pronounced in November. West Coast processors reported strong export demand, especially from Asian buyers looking to lock in material before year-end. East Coast operations dealt with higher freight costs eating into margins, though steady demand from local wire mills and brass foundries kept volumes moving. Midwest scrap yards stayed busy supplying automotive and appliance manufacturers, who maintained production schedules despite some holiday slowdowns.

Secondary smelters ran at about 82% of capacity in November, down from October's 85% peak but still solid for this time of year. The slight dip reflected normal inventory management as companies prepared for year-end accounting periods. Processors who could guarantee consistent material quality found ready buyers, while yards with mixed or contaminated loads had to work harder to move material at acceptable prices.

Manufacturing data from November showed mixed signals that kept scrap processors on their toes. The Institute for Supply Management's manufacturing index came in at 49.2, which puts it just below the 50 threshold that separates expansion from contraction. New orders ticked up slightly, but production activity slowed. Manufacturers bought copper, but not at the mid-2025 pace.

Electrical equipment manufacturers remained steady buyers throughout November. Demand for copper wire stayed strong as grid modernization projects continued despite weather delays in some regions. Processors who supply those mills said order books looked solid through the first quarter of 2026. That forward visibility gave scrap yards confidence to accumulate inventory heading into winter.

The automotive sector delivered mixed results. EV production kept rolling at high rates, with major manufacturers maintaining ambitious build targets. That meant steady demand for high-grade copper suitable for battery systems and charging infrastructure. Traditional vehicle production slowed a bit as factories scheduled maintenance shutdowns, but that's normal for late fall. Automotive demand for copper scrap still ran above year-ago levels.

Construction spending data released in November showed residential building softening while commercial and infrastructure work held up better. Single-family home starts declined about 5% year-over-year, which affects demand for electrical wire and plumbing materials. Large infrastructure projects kept moving forward, supported by federal funding programs. Scrap processors who serve commercial construction reported steadier volumes than those focused on residential markets.

Electric vehicle production numbers for November reinforced why processors view this sector as the biggest long-term driver for copper demand. US EV sales reached about 140,000 units in November, pushing year-to-date totals toward 1.5 million vehicles. That's roughly 40% growth compared to 2024, and it's happening even as overall auto sales stay relatively flat.

Each of those EVs uses between 180 and 200 pounds of copper, depending on the model. When you do the math, November's production alone required about 25 million pounds of copper. Most of that comes from primary sources right now, but as vehicles age and enter the scrap stream, we'll see increasing volumes of EV-related copper scrap. Processors are already seeing more hybrid and early-generation EV batteries coming through scrap yards.

Charging infrastructure installation accelerated in November as states pushed to meet federal grant deadlines. Each Level 2 charging station needs about 50 pounds of copper for wiring and connections, while fast-charging installations can use 200 pounds or more. The Department of Energy reported about 15,000 new public charging ports installed nationwide in November, which translates to roughly 750,000 pounds of copper demand just for those stations.

Battery manufacturing plants continued expanding capacity throughout the month. Major facilities in Tennessee, Georgia, and Michigan ramped up production, creating new sources of manufacturing scrap. This material tends to be high-grade and consistent, making it attractive to processors. The challenge is handling battery-related materials safely, which requires specialized handling procedures.

Scrap availability improved in November as cooler weather made collection work easier and seasonal construction projects wrapped up. Yards reported better flows of demolition material, especially copper pipe and wire from building teardowns. The construction slowdown that hurt demand also increased scrap supply as contractors cleaned out job sites before winter.

Industrial scrap generation stayed steady through November. Manufacturing plants continued producing normal volumes of turnings, chips, and offcuts. The quality of this material remained high, which helped processors maintain yields. Brass and copper arrived more cleanly separated than earlier in the year, which points to better sorting on the manufacturing floor.

Consumer electronics recycling picked up heading into the holiday season. People cleaning out basements and garages before Thanksgiving brought in older computers, appliances, and electronic devices. While these items contain valuable copper, extracting it profitably requires proper processing. Yards with e-waste handling capabilities saw increased volumes, though margins remained tight on consumer-grade material.

Imported scrap volumes declined slightly in November compared to October. Some European suppliers pulled back as year-end approached, and shipping schedules got complicated by holiday logistics. Domestic processors used this opportunity to emphasize local supply chains, though imported material still accounted for about 30% of total US scrap consumption.

The Federal Reserve did not hold a scheduled policy meeting in November. At its October 29 meeting, the FOMC lowered the federal funds target range by a quarter point to 3.75%-4.00%. That lower policy range was the relevant financing backdrop for November construction and manufacturing demand. See the Federal Reserve's October 29 statement.

The impact on copper markets came through multiple channels. Cheaper borrowing costs make large infrastructure projects more attractive to municipalities and private developers. That supports demand for electrical infrastructure, transmission lines, and renewable energy installations. The Fed's moves also tend to weaken the dollar, which makes US exports more competitive and can boost LME copper prices denominated in dollars.

BLS subsequently reported that total nonfarm payroll employment changed little in November, rising by 64,000. Manufacturing employment also changed little, while construction added 28,000 jobs. Those data support a picture of restrained industrial demand rather than a broad hiring surge. See the November 2025 Employment Situation.

BLS reported that consumer prices were 2.7% higher than a year earlier in November. Because the federal shutdown prevented October survey collection, the agency measured the seasonally adjusted change over the two months from September to November rather than publishing a normal one-month October comparison. See the November 2025 CPI release.

November brought the usual year-end inventory adjustments that happen every fourth quarter. Mills and processors balanced the desire to close out strong annual results against the need to manage working capital. Some operations slowed purchases in the last two weeks of the month to avoid carrying excess inventory into December.

Thanksgiving week typically marks the start of slower activity, and 2025 followed that pattern. Many scrap yards closed for the holiday, and those that stayed open saw reduced volumes. The week after Thanksgiving picked up again as processors worked through backlogs, but overall November felt like a transition month between the busy fall period and the quieter December holiday season.

Weather played a smaller role in November than it will in December and January, but early winter storms in the Northeast and Midwest disrupted some collection and transportation. Processors in those regions had to factor weather delays into their planning, which sometimes meant building extra inventory buffer or accepting slower delivery schedules.

Year-over-year price comparisons show how much the market has changed. Bare bright copper averaged about $3.45 per pound in November 2024. This November's $4.75 average represents a 38% increase. That gain came from multiple factors: stronger EV demand, infrastructure spending, supply constraints, and inflationary pressures throughout the supply chain. Processors who held inventory benefited, while those selling immediately missed some of the appreciation.

Heading into December, I'm watching a few things that will shape the copper scrap market through year-end and into early 2026. First is whether LME pricing can hold above $4.00 per pound. If it does, scrap premiums should remain healthy. If prices break below that level, processors will feel margin pressure.

Manufacturing activity will likely slow in December due to holiday schedules, but January typically brings a snap-back as factories restart production. Processors who can position inventory now should benefit when demand picks up after the new year. The question is whether to buy aggressively at current prices or wait to see if markets soften over the holidays.

Infrastructure project timelines will drive demand through the first quarter. Many projects funded by the Infrastructure Investment and Jobs Act have construction phases starting in early 2026. That means procurement happening now for materials needed in the spring. Scrap processors serving these projects report steady inquiry levels, which bodes well for Q1 demand.

EV production schedules for 2026 look aggressive based on what manufacturers are saying publicly. If those targets hold, copper demand from this sector will continue growing. The wild card is consumer adoption rates, which have been strong but could face headwinds if economic conditions worsen or EV prices don't come down further.

Supply-side fundamentals still favor higher prices over the medium term. Primary copper production faces challenges from declining ore grades and long development timelines for new mines. That structural constraint means scrap will play an increasingly important role in meeting demand. Processors who invest in technology to handle diverse material streams should be well-positioned.

For scrap yards, November was a pause after the October run-up, not a collapse. Electrification and grid work still set the demand side. Quotes still move day to day.

The processors doing best right now are those who stay flexible. They move quickly when opportunities appear, maintain relationships with reliable suppliers and buyers, and invest in equipment that lets them handle a wide range of material grades. That approach served them well through November's consolidation, and it held through the rest of 2025.