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Aluminum scrap prices fall on weak LME

Keywords: Tags  Aluminum scrap, UBCs, LME, Nasaac, A380.1, Nathan Laliberte

NEW YORK — Most secondary aluminum smelter-grade scrap prices fell this week, with sources telling AMM that prices continued to show strong correlation to weakening terminal markets.

The range for high-grade turnings fell 1 cent to 71 to 73 cents per pound April 29, and mixed-grade turnings were down by a similar amount to 65 to 67 cents per pound.

Aluminum copper radiators weakened to a range of $1.64 to $1.69 per pound from $1.65 to $1.70 previously, and nonferrous auto shred, commonly known as twitch, also fell a penny to 81 to 83 cents per pound. U.S. aluminum producers’ UBC scrap prices decreased to 76 to 78 cents per pound from 77 to 79 cents.

Meanwhile, prices for mill-grade aluminum were down across the board, with market participants telling AMM that tepid trading activity and lower volumes were dragging tags down.

Prices for 5052 segregated low-copper alloy clips weakened to 88 to 91 cents per pound from 90 to 92 cents; 3105 clips slipped to 81 to 83 cents per pound from 82 to 84 cents; mill-grade mixed low-copper alloy clips declined to 79 to 81 cents per pound from 80 to 82 cents; and painted siding fell to 76 to 78 cents per pound from 77 to 79 cents.

The cash primary aluminum contract on the London Metal Exchange ended the April 29 official session at $1,846.50 per tonne (83.8 cents per pound), down 1.9 percent from $1,883 per tonne (85.4 cents per pound) April 25.

Secondary alloy tags continued to hold steady April 29, despite continued weakness by the LME’s cash North American special aluminum alloy contract (Nasaac).

Most producers said A380.1 sales remain at $1.04 to $1.05 per pound, with some sources telling AMM that orders requiring immediate delivery were commanding prices in the $1.05 to $1.06 range.

All other major alloys were unchanged, with 319.1 at $1.09 to $1.10 per pound; 356.1 at $1.11 to $1.12; A360.1 at $1.09 to $1.11; and A413.1 at $1.10 to $1.11.

Cash Nasaac closed the April 29 official session at $1,730.50 per tonne (78.5 cents per pound), its lowest level in nearly three and a half years. However, the price edged 1.4-percent higher April 30, ending the official session at $1,755 per tonne (79.6 cents per pound).

All other secondary grades were unchanged.

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