US export aluminum prices declined across grades on softening demand in Asian countries like Korea and India.
The weekly Davis Index for Zorba 95/2 fell by 2.1¢/lb to 67.2¢/lb fas US port. The index for Zorba 99/3 also declined by 2.3¢/lb to 68.5¢/lb fas. Zorba offers have been flooding the market this week in both domestic and export. At this point, supply has begun to outpace demand. Many sellers are trying to get rid of material quickly as they expect prices to drop further. A market participant told Davis Index that sales to Asia have come to a standstill as buyers’ inventories remain high.
The index for Taint/Tabor fell by 0.8¢/lb to 66.4¢/lb fas US port as demand from India softened. On the other hand, the index for Tense was higher by 1.1¢/lb at 68.7¢/lb fas.
The weekly Davis Index for 6063 extrusion fell by 1.1¢/lb to 80.8¢/lb fas while A356 wheels declined by 2.2¢/lb to 81.6¢/lb fas.
The LME Aluminium market closed Thursday at $1,994/mt, down by $15/mt from $2,009/mt on Jan 14.