Aluminum mill prices have ticked up in tandem with the LME Aluminum market as well as some spot buys with mills looking to fill inventory holes or gauge the supply.
The spread for mill-grade 1100 & 3003 clips was tighter by 2¢/lb at 2.5¢/lb under the three-month LME aluminum contract on Tuesday, while the weekly Davis Index for the grade increased by 2.1¢/lb to 77.1¢/lb delivered US consumer.
The Davis Index for 5052 moved up by 1.8¢/lb at 80.5¢/lb delivered, with the spread slightly wider at 1.4¢/lb under the three-month LME aluminum contract mark.
The spread for scrap 6063 was flat at 5¢/lb under the three-month LME aluminum contract, while the index for the grade increased by 2.7¢/lb to 78.7¢/lb delivered US consumer. The weekly spread for mill-grade MLC narrowed by 1.5¢/lb to 25¢/lb under the three-month LME aluminum contract, while the index for the category increased by 2.2¢/lb to 57.2¢/lb delivered US consumer.
Mill grade painted siding inched up by a penny to 54¢/lb delivered, while its spread was tighter by half a penny at 28¢/lb under the three-month LME contract.
The three-month LME contract closed on Tuesday at $1,854/mt, up by $71/mt from $1,783/mt on Oct 6.
The market is surprisingly quiet heading into the US elections next month. Suppliers are holding back on offers hoping for better prices than what is being offered at present, prompting some mills to test the waters and see if there is a pricing level that can get scrap moving again.