NEW YORK Prices for whole junk batteries fell May 7 as weakening terminal markets and improved scrap flows led to a 2-cent-per-pound decline, sources said.
Market participants told AMM that battery prices fell to a range of 38 to 40 cents per pound from 40 to 42 cents April 23.
"The (London Metal Exchange) has continued to deteriorate and the flow of scrap has started to pick up a bit," one junk battery buyer told AMM. "We intend to take our quotes down to some degree. This shouldnt come as much of a surprise based on current market conditions. Plus, everybody thought that prices were too high anyway."
Three-month lead ended the LMEs official session at $2,037 per tonne (92.4 cents per pound), up 1.7 percent from $2,002 per tonne (90.8 cents per pound) April 23. The contract rose further Wednesday, finishing at $2,067 per tonne (93.8 cents per pound).
Smelters lead scrap buying prices held steady 78 to 80 cents per pound, remelt lead was unchanged at 82 to 84 cents per pound and cable lead was even at 81 to 83 cents per pound.
Prices for zinc scrap also were unchanged from previous levels, with sources telling AMM that market conditions had remained relatively steady over the past two weeks.
All other secondary grades were unchanged.