Prices for US export scrap aluminum fas US port decreased on Thursday for some grades because the LME aluminum exchange lost $70/mt in value on the COVID-19 virus being declared a pandemic.
The official three-month LME aluminum contract dropped from $1,725/mt on March 4 to $1,655.5/mt on Thursday.
The Davis Index for 99/3 Zorba was flat at 44.5¢/lb fas US ports while 95/2 Zorba decreased to 41.7¢/lb fas US ports, down a half a penny from last week.
The index for Taint/Tabor decreased to 41.7¢/lb fas US ports, from 42¢/lb with Tense remaining unchanged at 41.4¢/lb fas US ports.
Demand for new products could weaken over the coming weeks as US stocks enter the bear market and businesses cut down on activities. The weakened demand could also start impacting the prices being offered for scrap aluminum, according to market participants.