NEW YORK Mill-grade aluminum scrap prices have risen in step with tags on the London Metal Exchange, with market participants noting renewed bullish sentiment.
Prices for 5052 segregated low copper alloy clips moved to 95 to 97 cents per pound from 94 to 96 cents previously, while 3105 clips rose to 84 to 86 cents per pound from 83 to 85 cents.
Mill-grade mixed low copper clips increased 2 cents to a range of 82 to 84 cents per pound from 80 to 82 cents, while painted siding strengthened to 77 to 79 cents per pound from 76 to 78 cents.
"With the LME rising, mill grades are ticking up nicely," one mill-grade scrap seller said. "There seems to be plenty of demand right now."
The primary aluminum cash price ended the LMEs official session at $2,042.50 per tonne (92.7 cents per pound) Jan. 25, up 1.7 percent from $2,009 per tonne (91.1 cents per pound) Jan. 22.
"The colder it gets, the higher the prices go," a second seller of mill-grade scrap said. "But that doesnt mean we are making (more) money than usual. Lower temperatures cause a ton of extra work for us. We simply cant have our people working outside right now."
Some secondary aluminum scrap grades also saw increased market interest. Mixed low copper clips rose to 77 to 79 cents per pound from 76 to 78 cents previously, while mixed high copper clips tightened to 76 to 77 cents from 75 to 77 cents.
Mixed turnings increased by 1 cent to 65 to 67 cents per pound from 64 to 66 cents.
Used beverage cans (UBCs) also strengthened by a penny to 77 to 79 cents per pound from 76 to 78 cents.
The cash North American special aluminum alloy contract (Nasaac) followed primary aluminum higher, ending at $1,866 per tonne (84.6 cents per pound) Jan. 25, up 1.4 percent from $1,840 per tonne (83.5 cents per pound) Jan. 22.
Prices for A380.1, which typically trend with Nasaac, were unchanged at $1.02 to $1.04 per pound, with some sellers indicating a slight rise in volume over the past five days.
All other secondary aluminum scrap grades also were unchanged.