NEW YORK Scrap
aluminum wheel prices have fallen since the start of June amid
recent downturns on the London Metal Exchange, coupled with a
summer slowdown, sources told AMM.
transaction tags for 356.1 wheels are at 85 to 88 cents per
pound, down a penny from the May 28 price of 86 to 89 cents,
"We are quoting 88 to
89 cents per pound for rims," one alloy producer said. "(We)
have been bumping to 90 (cents) if we need the metal, but we
are trying to push the price down to around 86 to 87 (cents)
due to the lower LME."
The cash primary
aluminum contract on the London Metal Exchange ended the
official session at $1,789.50 per tonne (81.1 cents per pound)
June 17, down 2.8 percent from $1,840.50 per tonne (83.5 cents
per pound) 30 days earlier.
"We just spoke to a
buyer who quoted 85.5 cents," one scrap trader said. "I think
the market is around 87.5 cents, which is down at least 2 to 4
cents from the end of May."
Others said that
supply has increased significantly over the past three
"We have plenty of
material being offered to us," a second buyer said. "We have
been scratching our heads wondering where all this supply is
coming from. Nobody can figure it out."