NEW YORK Prices for most
aluminum scrap grades remained steady March 7 as sellers headed
for the sidelines in hope of seeing terminal markets recover
from recent losses, sources told AMM.
"People are just taking a
wait-and-see attitude," one aluminum scrap trader said. "They
are hoping for some good news that will move the market back
up. All in all, weve had a very quiet week. The market
needs a little consolidation."
"Usually when the market drops
like this, people are selling like crazy," a second trader
said. "I think they are afraid that this thing will come right
back up and they will miss the boat."
The primary aluminum cash
contract on the London Metal Exchange ended the official
session March 7 at $1,910.50 per tonne (86.7 cents per pound),
down 0.9 percent from $1,927 per tonne (87.4 cents per pound)
at the beginning of the week and 7.5 percent below $2,066 per
tonne (93.7 cents per pound) a month earlier.
Used beverage cans (UBCs) were
the only secondary smelters grade to move March 7,
strengthening to 75 to 77 cents per pound from 74 to 76 cents
"Contrary to what people think,
UBC prices dont always move in step with the LME," a UBC
buyer said. "There is always a lag. Plus, volumes are good and
sales have been pretty strong. There would be no reason for
UBCs to follow the LME right now."
All other secondary
smelters grades were unchanged.
Prices for secondary mill-grade
aluminum stabilized March 7 after two straight weeks of
decline, according to market participants.
Prices for 5052 segregated
low-copper alloy clips were steady at 91 to 93 cents per pound,
3105 clips held at 82 to 84 cents per pound, mill-grade mixed
low-copper alloy clips remained at 80 to 82 cents per pound and
painted siding held firm at 75 to 77 cents per pound.
The LMEs cash North
American special aluminum alloy contract (Nasaac) closed the
official session March 7 at $1,801 per tonne (81.7 cents per
pound), unchanged from the beginning of the week.
Prices for secondary alloys held
steady March 7 in response to the Nasaacs lack of
movement. A380.1 remained in a range of $1.04 to $1.06 per
pound, although some sources indicated that a looming price
push is on the horizon, especially if terminal markets show
Alloy 319.1 held at $1.09 to
$1.11 per pound, 356.1 was unchanged in a range of $1.11 to
$1.12 per pound, A360.1 remained at $1.10 to $1.11 per pound
and A413.1 stayed at $1.10 to $1.12 per pound.
"Were still fairly busy,"
a source at an alloy producer said. "Demand from the automotive
sector is pretty strong. Now all we need is some margin."
All other scrap grades were