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LME prices buoy aluminum scrap trading: buyers

Keywords: Tags  aluminum scrap prices, aluminum alloy prices, aluminum ingot prices, aluminum, LME, Nasaac, Daniel Fitzgerald

NEW YORK — Free-market mill-grade aluminum scrap prices were boosted by a rise in London Metal Exchange pricing on Monday, with buyers reporting an accompanying rise in trading activity.

Used beverage cans moved up to a range of 73 to 75 cents per pound, picked up, from 72 to 74 cents previously; and 3105 segregated clippings increased to 79 to 81 cents per pound from 77 to 79 cents.

Mill-grade mixed low-copper clips rose to 77 to 79 cents from 76 to 78 cents per pound, and painted siding rose a penny to a range of 73 to 75 cents per pound.

Secondary scrap and alloy prices were unchanged, with A380.1 remaining in a range of 99 cents to $1.01 per pound.

The cash North American special aluminum alloy contract (Nasaac) closed the LME’s official session at $1,886 per tonne (85.5 cents per pound) Tuesday, up 2.2 percent from Friday’s $1,845.50 per tonne (83.7 cents per pound).

"With the LME pop, there was a flurry of activity," one scrap buyer said. "Everybody is trying to get it while the getting’s good."

Meanwhile, alloy producers also reported strong sales activity, although tight margins remain.

"We are busy and can continue to move any 380 or 319 we produce. Even if we want to build inventory, it’s out the door in days," one producer said. "We don’t understand the need to sell at 99 cents to $1. We’ve had no issues getting $1.01."

A second producer, who sold at 99 cents and $1 per pound for A380.1, said that he hadn’t yet been forced to sell at 98 cents per pound but would consider such an offer.

"No one has margins," one broker said. "Everyone is pretty miserable these days."

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