NEW YORK Prices
for scrap aluminum wheels have fallen since the beginning of
July as most buyers cut back on consumption in anticipation of
annual summer shutdowns, according to industry sources.
transaction prices for 356.1 wheels are 84 to 87 cents per
pound, down from 85 to 88 cents July 8, traders said.
"We are quoting rims
at 85 cents and dropping to 84 cents," one major wheel buyer
told AMM. "We are getting our fill of rims, and the
primary prices are too low for us to sell any significant
amounts of spot 356.1. We no longer need to push to get the
rims into the plants."
The primary aluminum
cash contract on the London Metal Exchange ended the official
session July 29 at $1,760 per tonne (79.8 cents per pound),
down from $1,784.50 per tonne (80.9 cents per pound) at the
beginning of the week and fell further to $1,741.50 per tonne
(79 cents per pound) July 30.
Despite the decline in
wheel prices, 356.1 alloy tags have stayed relatively steady
over the past two weeks, with most producers putting prices at
$1.08 to $1.10 per pound.