Export interest may boost US zorba prices
May 28, 2014 | 05:52 PM
| Sean Davidson
NEW YORK Domestic prices for zorba, a nonferrous auto shred, could firm due to a gradual return of Chinese interest and an uptick in export tags over the past month.
The materialwhich contains a large percentage of aluminum scrap, along with other metals like brass, copper and stainless steelhas predominantly been shipped to China.
However, zorba export volumes dropped sharply in March and April after Chinese aluminum smelters were forced to curb scrap purchases largely due to reduced access to credit, market participants said.
Traders also pointed to the absence of the largest Chinese buyer of U.S. zorba due to permitting issues in China, along with a depreciation of the yuan caused by Chinese regulatory action designed to curb currency speculation, that compounded supplier woes and sent zorba prices plummeting (amm.com, March 26).....
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