NEW YORK Free-market
aluminum scrap and ingot prices have remained stable after a
London Metal Exchange recovery and slower trading around the
Presidents Day holiday stemmed last weeks pricing
Old cast showed the only
movement in scrap pricing, moving down to 74 to 76 cents per
pound Tuesday from 75 to 77 cents a week ago. Old sheet held
steady at 72 to 74 cents per pound, and A380.1 was unchanged at
$1.09 to $1.10 per pound.
The cash LME North American
special aluminum alloy contract (Nasaac) closed the official
session Wednesday at $2,235 per tonne ($1.01 per pound), up 3.7
percent from $2,156 per tonne (97.8 cents per pound) at the end
of last week.
While some ingot traders said
prices were trending toward the upper edge of the $1.09- to
$1.10-per-pound range for A380.1 as the LME rebounded, none
reported sales outside that range.
The LME recovery was widely
attributed by industry sources to optimism over the global
economy after a bailout deal was reached in Greece.
Some sources also reported
quieter trading as many U.S. states observed the
Presidents Day holiday, although others continued to
claim that business had been quiet for some time.
"The phones have been very quiet
for the past few weeks. We had sales here and there, but
inquires have waned in the latter part of February," one ingot