The Weighbridge | No.006
weekly market intelligence data – 29 September 2026
Steel
Pushes Higher
Copper pulls back from another record as steel approaches
US$410/t and the weaker NZ dollar continues to support
local returns.
NZD/USD
0.5663
▼ −0.9%
Another
weekly fall
US$410/t
▲ +2.5%
Climbing again
US$14,528/t
▼ −1.9%
Record high cools
US$3,237/t
▼ −1.3%
Eases back
US$16,277/t
• +0.1%
Holding steady
US$1,910/t
▼ −1.2%
Steps back
The Big Picture
Steel is the standout this week, continuing its climb as international prices push higher. Turkish mills have slowed their buying, but firm freight costs are helping keep the market moving in the right direction. Copper had another eventful week. It reached a fresh record before pulling back as softer demand signals from China took some heat out of the market. Despite the retreat, copper remains at historically strong levels.
Elsewhere, aluminium and lead both eased, while nickel was largely unchanged. The broader metals market is more mixed than we’ve seen in recent weeks. For New Zealand sellers, the weaker dollar continues to matter.
The NZD has now fallen for five consecutive weeks, helping cushion some of the decline in international metal prices and adding further support to steel. Oil has also moved higher again, keeping freight costs firmly on the watchlist.
Steel strengthens, copper cools and the weaker NZ dollar continues to support local returns.
What this Means for Your Scrap
It’s a mixed week across the metals, although the weaker NZ dollar is helping cushion some of the softer international movements.
Steel is the standout this week, continuing to strengthen as the international market pushes higher.
Copper has eased after reaching another record, but remains at historically strong levels. Copper pipe, cable and wire are still worth watching.
Brass has softened alongside copper this week, although clean brass and gunmetal remain well supported.
Aluminium has eased slightly after recent gains, with global inventories continuing to provide some underlying support.
Nickel has held steady this week, keeping the outlook for 304 and 316 stainless relatively stable.
Lead has pulled back from last week’s 12-week high, but the broader recovery remains intact. Battery values remain well supported compared with the July lows.
Check before you visit! Use our online calculator anytime to check prevailing prices
KEY DRIVERS & WHAT TO WATCH
The global metal market doesn’t move for just one reason, these are some of the key factors we’re watching…
Copper has come off another record. The market reached a fresh all-time high before softer demand signals from China triggered a pullback. Supply concerns remain in the background, so we’ll be watching whether copper steadies at these levels or comes under further pressure.
Steel continues to strengthen. International scrap prices are approaching US$410/t, helped by firm freight costs. Turkish mills have slowed their buying, making their next move important in determining whether steel can continue higher.
The NZ dollar has fallen for a fifth week. Continued strength in the US dollar has pushed the kiwi lower again. For local sellers, that weakness is helping cushion some of the falls we’ve seen across metals priced in US dollars.
Nickel supply is back in focus. Production at Indonesia’s Morowali hub has been affected by water shortages, helping offset softer demand from China. Indonesian supply remains one of the key factors to watch for stainless.
What's Happening at Endless...
The Pie Van rolls in to Wiri!
Another stop for the Endless Pie Van, this time visiting the team at Trical in Wiri. Trical has been part of New Zealand’s electrical industry for more than 60 years, manufacturing everything from meter boxes and distribution boards to commercial switchboards and electrical enclosures.
Our Pie Van visits are a simple way of getting out to see the businesses we work with and saying thanks to the people behind them.
This time, lunch was on us.
A big thank you to the Trical team for having us, we hope the pies went down well!
