NEW YORK Free-market
aluminum scrap prices continue to feel the impact of anxiety
over the eurozone crisis and a decline in London Metal Exchange
prices, trader sources said.
Old sheet prices fell to 72 to
74 cents per pound Monday from 73 to 74 cents per pound
Thursday, while old cast was unchanged at 76 to 78 cents per
pound. A380.1 tags dropped to $1.07 to $1.08 per pound from
$1.07 to $1.09 per pound in the same comparison.
Alloy producers and traders told
AMM that $1.09 had essentially become the "quote
price" for A380.1, with sales now concentrated in the $1.07 to
"We wouldnt have a problem
getting $1.10 if (the North American special aluminum alloy
contract on the LME) was good, because demand is good," one
scrap trader said.
The Nasaac cash price ended the
LMEs official session at $2,012 per tonne (91.3 cents per
pound) Tuesday, down 1.2 percent from $2,035.50 per tonne (92.3
cents per pound) Friday.
Despite a slowdown in activity
due to the LMEs closure Monday for a bank holiday, many
traders reported anxiety over the ongoing eurozone crisis,
which is impacting financial markets worldwide.
"Everybody is sitting back to
see what happens with the situation in Europe. People are
discussing the possibility of a stronger dollar. If that
occurs, we could see downward pressure on the LME and prices go
down," one alloy broker said.
"If the euro drags down the LME,
I think were going to see pressure on the market.
Hopefully that will put some downward pressure on scrap prices
too," an alloy producer said.
However, there was also optimism
over news that Chrysler Group LLC, Auburn Hills, Mich., opted
to forego its traditional summer production shutdown.
"Production levels are still
good. I think May will be good, and June orders are looking
good too," the alloy broker said.
"Flow feels like its
getting better," a second scrap trader said.