Aluminum scrap up on premium spike
Jan 10, 2014 | 03:17 PM
| Nathan Laliberte
NEW YORK Prices for most grades of secondary aluminum smelters scrap were up Jan. 9 as buyers and sellers continued to weigh the impact of a recent spike in U.S. Midwest aluminum premiums, which have surged to a more than 10-year high since the start of the year.
The jump in premiums is due to production cuts, a tight scrap market and speculative trading activity by big banks and trading firms, among other factors, scrap buyers and sellers said. AMMs spot P1020 aluminum premium moved to a range of 15 to 16.5 cents per pound Jan. 8 from 11.5 to 12 cents previously (amm.com, Jan. 8).....
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