NEW YORK Free-market
aluminum scrap prices remain mostly unchanged as sellers hold
onto material in the hope of riding out lower London Metal
"Twitch" was the only secondary
scrap grade to make a move, dropping to 79 to 81 cents per
pound Thursday from 80 to 82 cents per pound previously.
The LMEs North American
special aluminum alloy contract (Nasaac) cash price closed the
official session at $1,920 per tonne (87.1 cents per pound)
Friday, down 0.4 percent from $1,927.50 (87.4 cents per pound)
a week earlier.
Fridays close is the
lowest official Nasaac price since July 21, 2010, when the cash
price also finished at $1,920 per tonne.
The low LME prices also led to
declines in some grades of aluminum alloy, with 356.1 dropping
to $1.12 to $1.14 per pound from $1.13 to $1.14 per pound
previously, and A360.1 easing to $1.12 to $1.13 per pound from
$1.12 to $1.14 per pound.
Traders told AMM that
market activity continued to be quiet Thursday following a lull
in trading earlier in the week, when the LME was closed due to
a U.K. holiday (AMM, June 5).
"Its a different attitude
right now. I think a lot of people are quoting lower numbers in
order not to buy," one scrap buyer said.
Indeed, a second buyer who had
lowered quotes on most scrap items last week by 2 cents per
pound told AMM on Thursday that quotes would be
lowered further Friday "to slow down the buying."
A third buyer said that many
companies were trying to avoid "long" inventory, with commodity
prices falling across the board.
"Copper went down, steel is
coming down. Its not a time to take any risk," this buyer