NEW YORK Prices for mill-grade aluminum scrap fell June 10 as weakening terminal markets and tepid trading activity dragged the secondary market down.
Prices for 5052 segregated low-copper alloy clips fell to 90 to 92 cents per pound from 91 to 93 cents, while 3105 clips declined to 81 to 83 cents per pound from 83 to 85 cents and mill-grade mixed low-copper alloy clips decreased to 79 to 81 cents per pound from 81 to 82 cents.
Meanwhile, painted siding narrowed to 76 to 78 cents per pound from 77 to 79 cents previously.
The market is off a bit, but we are still seeing relatively steady demand from the mills, one mill-grade seller told AMM. We should see prices pick up if the market strengthens over the course of the week.
The cash primary aluminum contract on the London Metal Exchange ended the official session at $1,884 per tonne (85.5 cents per pound) June 10, down 2.3 percent from $1,927.5 per tonne (87.4 cents per pound) June 6.
LME aluminum prices slipped further June 11, with the cash contract ending the official session at $1,848.50 per tonne (83.8 cents per pound).
Meanwhile, most smelter-grade secondary aluminum prices were unchanged from previous levels June 10, with market participants noting that steady demand has continued to buoy prices.
The only grade to register a price change was used beverage cans (UBCs), which eased to 75 to 77 cents per pound from 76 to 78 cents.
Metal flow is great at the moment, one UBC buyer said. There is plenty of material to go around.
Secondary alloy prices also held steady June 10, with sources telling AMM that major alloy producers were not giving in to downward pricing pressure.
I am simply not going to sell my product at a loss, one alloy producer said. I offer an excellent product at a reasonable price. There is no reason for me to start undercutting.
Most producers put A380.1 sales at $1.02 to $1.04 per pound, as sources said that sales in the $1.05 to $1.06 range were largely unattainable.
All other major alloys were unchanged, with 319.1 at $1.07 to $1.09 per pound, 356.1 at $1.10 to $1.11 per pound, and low-copper A360.1 and A413.1 alloys steady at $1.09 to $1.10 per pound and $1.10 to $1.11 per pound, respectively.