US aluminum scrap export prices rebounded over the past week as domestic supply tightened.
The export market has been rather quiet this week with Chinese players out for the New Year holiday. That being said, flows have tightened and there is not enough scrap to go around. This has led to many exporters selling in the domestic market or to Mexico, through the Laredo border, considering the container shortage, especially on the West Coast.
Participants believe demand from China is still strong and come next week, prices will move higher. Indian buyers have also been quoting higher numbers over the past week.
The weekly Davis Index for zorba 95/2 rose by 2.5¢/lb to 66.5¢/lb fas US port. The index for zorba 99/3 however, remained unchanged at 65¢/lb fas.
The index for Taint/Tabor rose by 3¢/lb to 65¢/lb fas US port while Tense increased by 0.7¢ to settle at 63.5¢/lb fas. The Davis Index for bare 6063 trended flat at 82.5¢/lb fas while A356 wheels inched up by 0.3¢/lb to 80.5¢/lb fas.
The LME Aluminum cash price settled Thursday at $2075.50/mt (94.1¢/lb), up by $96/mt from $1,979.50 on Feb 4.