Prices of US export scrap aluminum fas US port declined on Thursday after LME aluminum gained some strength.
The three-month LME aluminum contract increased from 78.56¢/lb last week, to 78.94¢/lb on Thursday.
The Davis Index for 99/3 Zorba fas US ports decreased by 1.5¢/lb to 46.5¢/lb, due to the loss of value in the copper component of Zorba. The Index for 95/2 Zorba fas US ports decreased to 44¢/lb, down a penny from the previous week.
The Davis Index for Taint/Tabor fas US ports was 43¢/lb, with Tense fas US ports slightly stronger at 44¢/lb, both a penny lower from last week.
Market participants expect the decreased demand from China for secondary ingot to push export prices lower as opportunities to sell scrap decrease. The lack of Chinese RSI demand has impacted not only pricing into Chinese ports but also lowered the demand for scrap imports into India, setting the tone for scrap aluminum fas US port pricing to soften.