US zinc scrap prices were rangebound on Thursday in tandem with the LME Zinc market which trended sideways over the week.
LME Zinc prices trended flat this week with the three-month official LME zinc contract closing at $2,869.50/mt on Thursday, up by $9/mt from Apr 8.
The weekly Davis Index for zinc galvanizers bottom dross was flat at 79.5¢/lb delivered US consumer while zinc galvanizers top dross inched up by 0.5¢/lb to 76.5¢/lb delivered.
New zinc diecast rose by a penny to 81¢/lb on Thursday amid improving demand from the automotive sector. The Davis Index special high-grade zinc premium increased by 0.1¢/lb to 8.1¢/lb delivered on rising freight costs and tighter primary zinc stock in LME warehouses.
Market sentiment remains buoyant on the tight supply of steel and rising prices for grades like hot-rolled coil (HRC), which is expected to lift the consumption and demand for zinc in the steel coating businesses. Strengthening demand from the automotive sector has also lifted the zinc market’s sentiments.