February 24, 2026: Platinum Extends Rally Past $2,190 as Precious Metals Continue to Power Catalytic Converter Values

Market Overview

Tuesday trading brings more good news for New England auto recyclers and salvage operations. The precious metals rally that dominated Monday headlines is showing no signs of slowing down, with platinum surging past $2,190 per ounce and palladium climbing to $1,743 — extending gains that have catalytic converter values at their highest levels since early January. Ferrous markets remain steady with shredded steel holding above $310 per ton, while the used car pipeline continues to build momentum as tax refund season moves toward its peak.

For salvage yards across New Hampshire, Massachusetts, and the broader New England region, the current market environment offers a rare combination of strong precious metals, stable ferrous pricing, and accelerating junk car volume heading into March.

For yesterday’s full analysis, see our February 23, 2026 market report.

Scrap Metal Pricing Trends

Ferrous Scrap Market

Shredded steel is trading at $305–$320 per ton on Tuesday, holding steady from Monday. Mill buying activity remains consistent, with several Northeast buyers maintaining open orders heading into the final week of February. The Turkish export market continues to provide underlying support, and domestic construction-sector demand in the region is adding incremental tonnage requirements as spring project planning accelerates.

Heavy melt steel is at $272–$290 per ton, with the shredded premium intact. Yards with efficient sorting operations continue to benefit from this spread. Early discussions around March buy programs suggest mills are comfortable maintaining current price levels, with potential for modest upside if scrap availability tightens as some dealers anticipate.

Non-Ferrous Scrap Market

Copper is trading at $5.73–$5.82 per pound for #1 bare bright, reflecting a slight softening from Monday as LME copper consolidated around $12,680 per ton. The pullback is modest and well within normal daily fluctuation. #2 copper is at $5.39–$5.48 per pound, while insulated wire continues to see strong demand from domestic processors. Brass is steady at $2.80–$2.91 per pound.

Aluminum is holding at $1.38–$1.42 per pound for clean sheet, essentially flat with Monday. Cast aluminum is moving at $0.65–$0.70 per pound. Secondary smelter demand remains adequate but not aggressive, with most buyers reporting comfortable inventory positions through month-end.

Precious Metals and Catalytic Converters

Catalytic converter values continue their upward trajectory, now ranging from $215–$475 for common units. The sustained strength across all three PGMs — platinum, palladium, and rhodium — is providing the strongest converter market in over a month. OEM converters from full-size trucks and SUVs are commanding premiums, with select high-grade units from late-model Toyota, Honda, and Ford vehicles exceeding $500. This is the second consecutive day of elevated values, reinforcing the trend flagged in yesterday’s report.

Junk Car Demand

End-of-life vehicle acquisition remains brisk across greater New England. Pickup scheduling is running 2–3 days out in most service areas, consistent with recent weeks. Standard sedan offers are in the $290–$650 range, while trucks and full-size SUVs are commanding $500–$1,225 as the precious metals premium continues to lift the upper end of valuations.

Tax refund-driven selling volume continues to build, with regional operators reporting call volume up roughly 18% compared to the same period last year. This trend is expected to intensify through the first two weeks of March, making now the time for yards to ensure pickup logistics, processing capacity, and yard space are optimized for peak throughput.

Used Vehicle Resale Market

The wholesale used vehicle market is showing continued strength in the truck and SUV segment. Toyota Tacomas and Ford F-150s in the $8,500–$15,000 wholesale range continue drawing competitive bidding at regional auctions. The Manheim Used Vehicle Value Index is tracking slightly higher week-over-week, consistent with seasonal patterns as dealer inventory needs increase ahead of spring selling season.

Salvage-title vehicles moving into export channels remain a strong revenue stream. Japanese makes bound for West African and Caribbean markets are the top performers, with clean-title premium narrowing against salvage values. Rebuilder demand for parts vehicles — particularly Civic, Camry, Accord, and CR-V platforms — remains healthy.

• Wholesale truck prices up an estimated 1.8% week-over-week
• Sedan segment showing marginal improvement after weeks of softness
• Export demand continuing to strengthen for Toyota, Honda, and Nissan
• Spring dealer restocking beginning to influence auction competition

Seasonal and Economic Influences

• Tax refund disbursements accelerating, with IRS processing volumes running ahead of last year
• NH fuel prices at $3.14/gallon, down slightly from last week, easing transport costs
• Regional construction activity in Rockingham and Hillsborough counties supporting ferrous demand
• Federal Reserve maintaining current rate stance, providing stable financing conditions
• February PMI holding at 51.3, indicating continued modest manufacturing expansion
• Global precious metals rally driven by supply concerns and strong industrial demand from automotive sector

Outlook and Recommendations

The precious metals rally remains the dominant theme for salvage operations this week. With platinum now above $2,190 and showing strong momentum, catalytic converter values should remain elevated through mid-week at minimum. Ferrous markets are stable and well-supported, with potential for March increases if current conditions persist. Non-ferrous metals may find a floor at current levels as LME positioning stabilizes.

Actionable guidance: Continue moving ferrous material at current pricing — these levels represent solid value with limited downside risk near-term. For converters, sell common units now to lock in the precious metals strength, but consider holding premium OEM units from high-value models for another day or two if the platinum rally continues. Prioritize junk car intake and processing efficiency — the tax refund-driven volume surge is here and will intensify through March. Yards with available capacity should be actively marketing for vehicle acquisitions right now.

Data compiled from public sources including regional scrap yards, commodity exchanges, and auction houses. 603 Auto Salvage makes no guarantees regarding accuracy. Prices are regional averages and may vary by location and vendor. Always verify current prices before making business decisions.