US export aluminum scrap prices resisted the jump in the LME Aluminium this week on subdued demand from Asia.
The weekly Davis Index for zorba 95/2 rose by 2.5¢/lb to 75.5¢/lb fas US port as copper prices drove buying prices higher. Meanwhile, lower demand in China saw zorba 99/3 prices unchanged at 75.5¢/lb fas US port.
The official LME Aluminium cash price closed Thursday at a fresh annual high of $2,432/mt ($1.103/lb), up by $58.5/mt from Apr 22.
Southeast Asian export markets are quiet due to the resurgence of the COVID-19 pandemic in India, the chip shortage in auto-intensive Japan, and building ADC12 inventories in Chinese smelters that refuse to lower their offer prices. Also, the shortage of containers has delayed export orders, leading to many sellers not accepting fresh orders.
The weekly Davis Index for taint/tTabor increased by 0.8¢/lb to 72.8¢/lb fas US port while tense prices fell to 70.7¢/lb fas, down by 0.8¢/lb. 6063 new, bare extrusion prices also declined by 0.7¢/lb to 98.8¢/lb delivered.
Domestic demand continues to outpace export pricing as mills, converters and smelters compete for scrap with strong demand from most downstream sectors.