NEW YORK Prices for mill-grade aluminum scrap weakened across the board July 15, with sources saying that tepid market activity coupled with weakening exchange prices were having negative effects on the secondary market.
Prices for 5052 segregated low-copper alloy clips fell to 84 to 86 cents per pound from 86 to 88 cents previously, 3105 clips slipped to 76 to 78 cents per pound from 78 to 80 cents, mixed low-copper alloy clips decreased to 74 to 76 cents per pound from 76 to 78 cents and painted siding moved down to 71 to 73 cents per pound from 73 to 75 cents.
"This is all terminal market related," one scrap trader said. "Demand for mill-grade scrap is pretty good and if the (London Metal Exchange) goes up secondary prices should follow."
Prices for smelter-grade aluminum scrap were mostly steady July 15, with participants saying that slowing demand could bring tags down in the coming weeks.
The price range for 1-1-3 sows fell to 74 to 76 cents per pound from 75 to 77 cents previously. U.S. aluminum producers used beverage can (UBC) prices also decreased to 70 to 71 cents per pound from 71 to 72 cents.
The primary aluminum cash contract on the LME ended the official session July 15 at $1,752.50 per tonne (79.5 cents per pound), down 2.7 percent from $1,800.50 per tonne (81.7 cents per pound) July 11.
Secondary alloy tags held steady July 15 as demand from the automotive sector continued to bolster the market, sources said.
Prices for A380.1 remained at $1.01 to $1.03 per pound and 319.1 at $1.07 to $1.09 per pound. Prices for 356.1, as well as the low-copper A360.1 and A413.1 alloys, were all steady at $1.08 to $1.10 per pound.
All other secondary scrap grades were unchanged.