NEW YORK Free-market lead
scrap prices have weakened further, market participants said,
as secondary tags trail falling terminal markets.
Smelters lead scrap buying
prices fell to 78 to 80 cents per pound April 9 from 79 to 81
cents previously, remelt lead weakened to 82 to 84 cents per
pound from 83 to 85 cents and cable lead narrowed to 81 to 83
cents per pound from 82 to 84 cents.
The drop in lead scrap prices
didnt fully reflect lower exchange prices, primarily
because of an ongoing supply crimp, sources said.
"These prices will stay
artificially high until we have a good amount of material to
sell," one lead seller said.
Meanwhile, whole junk batteries
held steady at 40 to 42 cents per pound, with sources telling
AMM that two large battery consumers were pushing the
"They are paying up even as the
(London Metal Exchange) continues to drop," one battery buyer
said. "Im not sure whats going on, but it seems
that the big boys are willing to overpay right now."
Another source speculated that
higher demand from international markets was serving to buoy
junk battery prices. "A lot of the domestic battery buyers are
saying they cant compete with India at the moment," he
said. "One of our importers said that because of Indias
ongoing power grid problems, there is tremendous demand from
manufacturers in India who make batteries for household
The London Metal Exchanges
three-month lead contract ended the official session April 10
at $2,113.50 per tonne (95.9 cents per pound), down 3.3 percent
from $2,184.50 per tonne (99.1 cents per pound) March 26.