Prices for secondary aluminum scrap in the US increased across most grades over the past week amid strong smelter demand.
While scrap flows improved slightly over the past week, material was still tight and buyers were prompted to pay 1-2¢ higher prices for most grades. Many sellers reported that domestic demand was stronger than export.
The LME Aluminium cash price settled Wednesday at $2203/mt ($1/lb), up $57.50/mt from $2145.50/mt on Feb 24.
The weekly Davis Index for old cast rose to 69.4¢/lb delivered US consumer, up by 1.3¢/lb. Old sheet also climbed a penny to settle at 67.9¢/lb delivered.
Zorba 95/2 prices rose by 2.7¢/lb to 68.4¢/lb delivered as domestic flows tightened and export demand surged after China returned to the market last week. The index for Tweak inched up 0.2¢/lb to 73¢/lb delivered while Twitch was higher by 0.9¢/lb at 77.5¢/lb delivered.
The Davis Index for high-grade turnings jumped 1.8¢/lb to 67.3¢/lb delivered while mixed 2000/7000 turnings fell by 3.2¢/lb to 59.4¢/lb delivered US consumer.