Zorba export prices hit by weaker China yuan
Mar 05, 2014 | 03:43 PM
| Nathan Laliberte
NEW YORK U.S. export prices for nonferrous auto shred, or zorba, have fallen significantly over the past two weeks, with sources attributing the weakness largely to the declining value of the Chinese yuan against the U.S. dollar.
Material with 94- to 95-percent metallic content dipped to 70.5 to 72.5 cents per pound, down 1.5 cents from Feb. 18 levels, while 90- to 92-percent material fell a penny to 68 to 69 cents per pound in the same comparison, sources said.
The Chinese currency has dropped about 1.3 percent in the past two months, according to xe.com exchange rate data.....
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