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Aluminum scrap prices get boost from LME
Edited by : AL CIRCLE
2 min read
Mill-grade aluminum scrap prices strengthened on May 30, in step with an increase in primary metal on the London Metal Exchange.
Prices for 5052 segregated low-copper alloy clips rose to 88 to 90 cents per pound from 87 to 89 cents, 3105 clips increased to 80 to 82 cents per pound from 79 to 81 cents, mill-grade mixed low-copper alloy clips edged up a penny to 78 to 80 cents per pound from 77 to 79 cents, and painted siding strengthened to 74 to 76 cents per pound from 73 to 75 cents previously.
"This market has been range-bound for a while now," one scrap trader said. "Give this thing a couple of days, and everything will head back down. I think that for prices to really increase, we would have to see some very positive news coming out of Europe or China."
The cash primary aluminum contract on the London Metal Exchange ended the official session at $1,857 per tonne (84.2 cents per pound) May 30, up 2.7 percent from $1,808 per tonne (82 cents per pound) May 28. LME aluminum prices edged even higher May 31, with the cash contract ending the official session at $1,875.50 per tonne (85.1 cents per pound).
Meanwhile, most smelter-grade secondary aluminum prices held steady as strengthening terminal markets, combined with a scrap glut, were preventing price volatility, sources said.
Prices for 5052 segregated low-copper alloy clips rose to 88 to 90 cents per pound from 87 to 89 cents, 3105 clips increased to 80 to 82 cents per pound from 79 to 81 cents, mill-grade mixed low-copper alloy clips edged up a penny to 78 to 80 cents per pound from 77 to 79 cents, and painted siding strengthened to 74 to 76 cents per pound from 73 to 75 cents previously.
"This market has been range-bound for a while now," one scrap trader said. "Give this thing a couple of days, and everything will head back down. I think that for prices to really increase, we would have to see some very positive news coming out of Europe or China."
The cash primary aluminum contract on the London Metal Exchange ended the official session at $1,857 per tonne (84.2 cents per pound) May 30, up 2.7 percent from $1,808 per tonne (82 cents per pound) May 28. LME aluminum prices edged even higher May 31, with the cash contract ending the official session at $1,875.50 per tonne (85.1 cents per pound).
Meanwhile, most smelter-grade secondary aluminum prices held steady as strengthening terminal markets, combined with a scrap glut, were preventing price volatility, sources said.
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