Zorba prices drop on weak China demand
Mar 26, 2014 | 01:18 PM
| Nathan Laliberte
NEW YORK U.S. export prices for nonferrous auto shred, or zorba, have continued to spiral downward, with market participants saying that recent economic issues in China have prompted buyers to postpone shipments and reduce price quotes.
Material with 94- to 95-percent metallic content dipped to 67.5 to 69.5 cents per pound March 26, down 2 cents from March 17, while 90- to 92-percent material also fell 2 cents to 65 to 66 cents per pound in the same comparison, sources said.
Chinese aluminum smelters are being compelled to pull back on scrap purchasing largely because of reduced access to credit as well as a depreciation of the yuan caused by regulatory action in China designed to curb currency speculation, sources said.....
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