Copper scrap prices in 2025 followed a volatile but overall upward trend, driven by persistent supply constraints, evolving trade policies, and firm downstream demand from construction, electronics, and energy transition sectors. The market started the year on a relatively stable footing, but tightening availability of quality scrap and rising demand, particularly from electric vehicle and renewable energy manufacturing, gradually pushed prices higher amid geopolitical uncertainties and trade tensions between key economies. In the second quarter, significant disruptions emerged as export restrictions and import tariffs reshaped global trade flows, limiting access to traditional supply sources and forcing major consumers like China to diversify procurement toward Southeast Asia and expand domestic recycling, while Europe faced continued tightness due to constrained scrap availability. By the third quarter, regional imbalances became more pronounced, with stronger domestic utilization in North America amid reduced exports and firmer pricing in Asia due to declining yard inventories and steady industrial demand. In the final quarter, prices surged further in line with record highs in primary copper markets; however, elevated price levels curtailed scrap generation and dismantling activity, reducing circulating supply and tightening inventories, while secondary producers operated at lower rates due to widening spreads between refined copper and scrap.