NEW YORK Prices
for secondary aluminum smelters scrap were mostly steady
Dec. 30 as sources said that upticks on the London Metal
Exchange werent being reflected in secondary pricing
because of a "limited holiday trading schedule."
The LMEs primary
aluminum cash contract ended the official session Dec. 30 at
$1,771 per tonne (80.3 cents per pound) Dec. 30, up 3.1 percent
from $1,718 per tonne (77.9 cents per pound) Dec. 23. The
contract lost some ground Dec. 31, closing at $1,764.50 per
tonne (80 cents per pound).
participants noted that despite higher exchange prices,
secondary tags were mostly stagnant. "The LME is getting
stronger but pricing is not moving much," one scrap seller told
AMM, adding that tepid trading activity was serving to
quell price volatility on the secondary market.
One major scrap buyer
described the market as "still in a Holiday mode," noting that
most participants werent expecting any price movement
until the new year got under way.
aluminum scrap followed movement on terminal markets, with
every grade assessed by AMM moving up a penny.
Secondary aluminum alloy prices also were steady Dec. 30, as
sellers noted that if exchange prices continue to move higher,
alloy tags will likely follow.