February insights: Copper scrap prices, renewables and battery recycling
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Welcome to the February 2025 edition of Fastmarkets Metals & BRM Pulse! Our mission is to deliver a comprehensive monthly overview of the key trends shaping the metals and battery raw materials (BRM) industries. From the latest advancements in renewable energy, electric vehicles (EVs) and energy storage systems (ESS) to timely insights into base metals and industrial minerals, we explore the driving forces behind these evolving markets.
This month, we examine the copper scrap market, unpacking current price trends, breaking down the key grades and providing a global outlook for 2025. Don't miss our February BRM market update, where we analyze the shifting landscape of raw materials, including lithium, cobalt, nickel, graphite and more.
Inside this edition:
A guide to copper scrap prices and global market trends in 2025?
This guide from our experts, Carman Chew, Kirstyn Petras and Andrew Cole, explores current price trends, breaks down the key copper scrap grades and provides a global outlook for 2025.
Navigating the world of copper?scrap?trading requires a deep understanding of market dynamics, materials and price trends. With?copper?being a crucial component in industries ranging from?construction?to electronics, its scrap market is vital in supporting global supply chains.??
Whether you are an established trader or just entering the industry, this article will ensure you are equipped with the knowledge to make informed decisions this year.?
Global copper scrap market trends and outlook for 2025?
The scrap copper market plays a critical role in bridging the gap between refined copper supply and demand. Here are some key trends shaping the industry:?
1. Copper supply constraints?
Global growth in refined copper supply is expected to lag behind demand due to challenges like limited mine expansions, environmental regulations and cost escalations. This places a greater emphasis on secondary supply sources, i.e., copper scrap. Production from scrap is projected to grow at a compound annual growth rate (CAGR) of 4.2% in the next decade, outperforming the 2.1% CAGR of primary production.?
2. Geopolitical factors?
Geopolitical developments, such as?potential US-China trade tariffs and regulatory changes, create uncertainties in the global scrap copper market. Chinese buyers have already reduced imports of US-origin copper scrap, impacting export dynamics. Such shifts will continue to influence global prices and trading patterns in 2025.?
Since November, Chinese demand for copper scrap imports slowed significantly, influenced by uncertainty surrounding potential US tariffs on Chinese copper and aluminium imports, and the Lunar New Year holiday. US President Donald Trump announced a 10% levy on all Chinese imports, effective February 4, further heightening market caution.?
3. Sustainability and policy support?
The push for?sustainable practices?has led to increased efforts to promote recycling initiatives globally. Many governments are introducing favorable policies to encourage the collection and trade of copper scrap. These developments are expected to bolster the secondary copper market, further solidifying its role in the global supply chain.?
4. Stable prices?
While Fastmarkets’ data suggests that copper scrap prices have remained relatively stable over the past few months, predominately export-heavy grades have begun to widen as global uncertainty grows. For instance, discounts for No. 2 copper to refiners and No. 2 copper to brass ingot makers have recently decreased despite market sources noting stable domestic demand.?
What factors determine the classification of copper scrap into various grades? Read the full article to learn more.
An interview with Robert Yildirim, the CEO of CoreX Holding
Robert Yildirim has a 10-year plan to grow?CoreX Holding?into one of the world’s top 50 mining companies, with?chrome,?base metals?and renewable energy all earmarked for international expansion, he told Fastmarkets. Sometimes dubbed the 'King of Chrome', the Turkish billionaire had always been acquisitive in metals, spending much of the past 25 years picking up?chrome assets across Eurasia?and expanding into?molybdenum, vanadium and nickel.
Establishing CoreX Holding
As founder, chairman and chief executive officer, Yildirim set up Netherlands-based CoreX in the summer of 2024, creating immediate subsidiaries in sectors such as metals and mining and shipping and logistics.
“I want to focus on my core business. The name ‘CoreX’ means core, multiplied by growth. It motivates me,” Yildirim said.
CoreX Metals and Mining includes a number of key assets that were previously part of Yildirim Group, the family-owned Turkish industrial conglomerate that Yildirim spent more than three decades building and running with his two brothers.
These assets include chrome producers Varg?n Alloys and?Albchrome, noble alloys producer Bear Metallurgical and a growing nickel portfolio.
There are significant expansions already signed and others in the pipeline, all driven by Yildirim’s drive for rapid international expansion, a divergence from his roots at the family firm.
International expansion strategy
With his exposure to Turkey now at just 15%, Yildirim focuses on a range of deals, including renewable energy in Latin America and base metals and industrial minerals in West Africa and Central Asia.
“I had to separate to follow my dream to be a top 100 global mining company, but my ultimate goal is top 50,” he said.
“I want to be in the top five nickel players in the world, the number one chrome chemicals player in the world, and in the top 50 global mining companies in the world,” he said. “To get there, I set up new goals in January 2025. I need 5-10 years.”
Learn more about CoreX's investment in nickel, chrome and renewables. Read the full interview from Janie Davies.
Battery raw materials market update: February 2025
The Fastmarkets team consistently monitors market shifts to provide timely, market-reflective and valuable insights. We are committed to supporting informed decision-making with in-depth analysis of the key factors driving?market trends, prices and forecasts?in the?BRM market.
1. Lithium:?Spodumene price rise, restocking uncertainty and European EV sales
Will restocking emerge? The market is watching for post-Chinese New Year restocking, driven by strong ESS demand and a European EV rebound.
Spodumene prices rising: Higher prices are squeezing Chinese converters' margins - will this halt increases or push lithium salt prices up?
European EV sales rebound: Strong January data (Germany +53.5%, UK +41.6%) boosts lithium demand, but will weaker US EV appetite offset this?
2. Black mass and recycling: India boosts battery recycling with duty-free imports and focus on production scrap feedstock
What do our analysts say?
Read the full market update to learn about the latest BRM insights and forecasts from our analysts, including Will Adams, Rob Searle, Olivier Masson, Georgi Georgiev, Andre Cortesao and Connor Watts.
Webinar: Lithium-ion battery recycling markets in 2025
Join our free webinar to explore the key challenges and opportunities in black mass and battery recycling for 2025. Fastmarkets' experts Sean Barry, Lee Allen, Luke Sweeney and Tianran Zhao will discuss the impact of low metal demand on recycling margins, regulatory changes in China, India and the EU and shifts in pre- and post-treatment of black mass capacity.
Gain essential insights into the future of battery recycling:
Fastmarkets Battery Cost Index
The Fastmarkets Battery Cost Index is an easy-to-use cost model for total cell costs, including cost breakdown of active anode material (AAM), cathode active material (CAM), separator, electrolyte, other materials, energy, labor and operational costs across multiple chemistries and geographies. The Fastmarkets Battery Cost Index provides historical costs, changes over time and cell cost forecasts.
Key features of the Battery Cost Index
Our upcoming metals and BRM events
Our events tackle critical issues such as decarbonization, infrastructure investments and trade policies, keeping you informed and connected in the dynamic metals and BRM markets. Whether upstream sourcing resources, midstream advancing battery technology, or downstream driving green transportation and grid innovation, we provide an insights-rich experience to help you navigate this evolving industry shaping our economy and future.
We look forward to sharing more market updates and industry insights next month.
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Until next time!
Fastmarkets metals and BRM team