The weekly US aluminum export prices pushed higher for all grades yet again on supply concerns and decent demand from SE Asia.
The weekly Davis Index for 95/2 Zorba moved higher by 0.5¢/lb to 68.3¢/lb fas US ports while 99/3 Zorba increased by 1.2¢/lb to 72.8/lb fas. Both grades have moved higher, but to a smaller degree than the past weeks. With ferrous scrap prices rising globally, Zorba buyers are banking on increased supply in the near term.
The indexes for Taint/Tabor and Tense jumped this week, with Taint/Tabor indexing higher by 2.7¢/lb to 65.3¢/lb fas and Tense moving to 66.5¢/lb fas US ports, better by 3.3¢/lb.
The Davis Index for 6063 new bare scrap stepped up by 0.7¢/lb to 92¢/lb fas US ports, while A356 wheels rose by 2.1¢/lb to 81.3¢/lb fas this week.
The official three-month LME Aluminium contract decreased by $1/mt to $2,041/mt on Thursday from $2,042/mt on Dec 10.
The Indian import market has lost some steam as buyers at that destination have pulled back bids, preferring to wait until prices have cooled down a bit before they resume buying material in January. Only time will tell if their gamble pays off.