The weekly Davis Index for A380.1 remained unchanged at $1.15/lb delivered US consumer on Friday in a short trading week due to the Easter weekend.
Demand is outpacing supply at most secondary smelters due to sluggish production caused by a labor shortage. Freight costs are also driving prices higher. The foundry business remains strong despite production cuts due to the semiconductor shortage, as demand from industries other than the automotive sectors has offset any signs of a slowdown. Most participants expect the market to rise further.
Notably, both Ford and General Motors have reported 20pc annual growth in Q1 2021 sales, reflecting that the auto sector is still performing well despite output reductions.
The weekly Davis Index for 356.1 rose by 0.5¢/lb to $1.223/lb delivered US consumer while 319.1 prices moved up by a penny to $1.195/lb delivered and A360.1 climbed by 1.5¢/lb to $1.215/lb delivered as silicon prices spiked last week due to a countervailing duty on imports from Kazakhstan by the US International Trade Commission. The index for A413.1 inched up by 0.4¢/lb to $1.209/lb delivered.
The official LME Aluminum cash price settled Thursday at $2,212.50/mt ($1/lb) and was closed on Friday for the Easter holidays.