US aluminum scrap export prices increased over the past week as the market caught up to domestic pricing.
During the week, domestic prices began to rise quicker than export and many sellers found it more feasible to keep material inland. However, in the past couple days, export pricing has caught up.
The market had it eyes on China returning to the market this week, but many Chinese buyers are not actively purchasing material since secondary ingot sales have been slow in their domestic market. With the weather in Texas improved, sales to Mexico through Laredo have resumed, at slightly increased prices. Indian demand has been robust, and quotes have been competitive with domestic US prices.
The weekly Davis Index for zorba 95/2 shot up by 5.8¢/lb to 74¢/lb fas US port. Zorba 99/3 also increased 5¢/lb to 75.3¢/lb fas US port.
The index for Tense moved up 1.8¢/lb to 68.2¢/lb fas while Taint/Tabor stayed flat at 67.9¢/lb fas. 6063 new bare rose 1.2¢/lb to 84.7¢/lb fas and A356 wheels increased 1.9¢/lb to 83.8¢/lb fas.
The official LME cash price settled Thursday at $2,223/mt ($1/lb), up $76/mt from $2,147/mt on Feb 18.