US aluminum export prices fas US ports pushed higher over the week. Concerns over aluminum scrap supply have driven the market higher against strong demand for secondary alloys from China and Japan.
The weekly Davis Index for 95/2 Zorba fas US ports moved higher by 4.1¢/lb to 57.4¢/lb, while 99/3 Zorba climbed by 2.1¢/lb to land at 59.6¢/lb amid tight supply of the materials.
The Davis Index for Taint/Tabor and Tense both inched up this week compared to last week’s indexes, with Taint/Tabor indexing at 55.5¢/lb, higher by 0.3¢/lb, and Tense moving to 56.4¢/lb, better by 0.2¢/lb, fas US ports, respectively.
6063 new bare scrap stepped up by 1¢/lb to 84.5¢/lb, while A356 wheels were better by 0.3¢/lb this week, at 72.5¢/lb.
The Davis Index for aluminum-copper radiators increased by 0.5¢/lb, to $1.425/lb on the stable copper market, which is still hovering well above the $3/lb.
The official three-month LME aluminum contract increased by $26/mt to $1,922.5/mt on Thursday, from $1896.5/mt on Nov 5.
Scrap buyers in China have struggled to find shippers willing to ship into Chinese ports, but that hasn’t stopped the Asian nation from quoting substantial numbers in the market ahead of what many believe will be a period of tight supply moving into the winter months. India is also concerned with tight supply and has been actively looking for scrap despite heading into the Diwali holiday over the weekend.
Both nations are concerned with the newly imposed second round of COVID-19 shutdowns announced this week in the UK and the impact it may have on scrap flows.