NEW YORK Prices for most grades of secondary aluminum smelters scrap are largely steady, supported by upticks on terminal markets, sources said.
Several traders noted that limited trading activity ahead of the upcoming holiday season has served to quell pricing volatility.
"There is really not a whole lot going on in this market," one buyer said. "Prices are steady because there isnt a ton of business being transacted and the (London Metal Exchange) is up."
The LMEs primary aluminum cash contract ended the official session Dec. 13 at $1,750.50 per tonne (79.4 cents per pound), down 0.5 percent from $1,759.50 per tonne (79.8 cents per pound) the previous day but still marginally ahead of $1,749 per tonne (79.3 cents per pound) at the beginning of the week.
Meanwhile, mill-grade aluminum scrap followed movements on terminal markets, with every grade assessed by AMM moving up a penny.
"This is very much a business-as-usual market," said one seller. "Spreads are not changing, and most people I talk with are not doing a ton of selling or buying."
Secondary aluminum alloy prices also were steady Dec. 12.
"The market is flat and will likely be flat for the better part of two weeks," one alloy seller said. "Demand is still good, and if the LME holds we likely wont see any dramatic changes until after New Years."