NEW YORK Prices for mill-grade aluminum scrap weakened Nov. 7 in step with recent declines on the London Metal Exchange.
Prices for 5052 segregated low-copper alloy clips fell to 84 to 86 cents per pound Nov. 7 from 85 to 87 cents previously, 3105 clips dropped to 75 to 77 cents per pound from 76 to 78 cents, mixed low-copper alloy clips declined to 72 to 74 cents per pound from 73 to 75 cents and painted siding dipped to 69 to 71 cents from 70 to 72 cents per pound.
Meanwhile, smelter-grade aluminum scrap remained mostly steady, with market participants saying that volatility in terminal markets was having little effect on secondary pricing.
"Right now, its a need-based market," one trader told AMM. "Movements on the LME arent really impacting pricing decisions for secondary material."
The only grade to register a price adjustment was high-grade twitch, a high-quality nonferrous auto shred, which fell about 1.5 cents per pound to 77 to 79 cents on concerns of oversupply and weakening demand (amm.com, Nov. 7).
The primary aluminum cash contract on the LME ended the official session at $1,776 per tonne (80.6 cents per pound) Nov. 7, down slightly from $1,788 per tonne (81.1 cents per pound) Nov. 4.
All other secondary grades were unchanged.