US export aluminum prices fas US port remained flat from last week as Asian markets went quiet for the Chinese Lunar New Year holiday.
The Davis Index for 99/3 Zorba fas US ports held at 48¢/lb, the same as last week, with the Index for 95/2 Zorba fas US ports leveling off at 45¢/lb, unchanged from a week ago. Taint/Tabor fas US ports was flat at 45¢/lb, with Tense fas US ports slightly stronger at 46¢/lb, but unchanged from last week.
The three-month LME aluminum contract closed down by $18/mt from $1.813/mt a week ago, to $1,795/mt on Thursday.
Market participants expect prices to rise in the near term as Asia ports are short on scrap by around 10-15pc. Indian smelters are still active in selling RSI to China and demand for scrap delivered into India ports remains strong. Sellers didn’t find much resistance to offers, with some deciding to hold off until after the Lunar New Year break to jump back into the markets, in the hope of attaining higher prices for their products.