Offers for imported aluminum scrap grades like Tense, Taint/Tabor, Zorba 95/2, and Zorba 99/3 in Asia rose driven by an $83/mt spike in the three-month LME aluminum contract on improved demand for auto alloys in seaborne markets.
The three-month aluminum contract gained $83/mt to settle at $2,545.5/mt on July 29 from $2,462.5/mt on July 22.
ADC 12 deals in Japan have slowed down from the prior week while those with Chinese buyers improved as Indian sellers received better bids. Buyers in China limited their purchases of aluminum scrap.
The weekly Davis Index for Zorba 95/2 settled at $1,676/mt cfr India port, up by $21/mt; while for Zorba 99/3, the index settled at $1,738/mt cif China port, up by $38/mt. Exporters reported weak trades in China due to the stringent checks at Chinese ports. Participants shared that few Chinese buyers are paying more on a cfr China port basis for cleaner material.
The weekly Davis Index for Talk rose by $51/mt to settle at $4,755/mt cfr India port. With few regions in Malaysia opening, participants have started exporting Talk from the Southeast Asian country. Few participants reported a rise in asking prices, but buyers are bidding at 48-49pc of the three-month LME copper contract despite offers of 51pc.
The weekly index for 6063 extrusions settled at $2,162/mt cfr India port, up by $42/mt, while for A356 wheels, the index settled at $2,227mt cfr India port, up by $42/mt. Participants heard trades for extrusion clean at $2,340/mt cfr India of Gulf-origin, but not all buyers confirmed deals at this level. Buyers lowered bids amid a wide price variation, depending on the attachments in the material.
The weekly Index for Taint/Tabor rose by $3/mt to settle at $1,773/mt cfr India port, and the index for Tense settled $1,747/mt cfr India port, up by $17/mt. Participants reported that the demand for Taint/Tabor and Tense is on a rise, driven by a revival in export demand for August shipments.
ADC 12 trades
The weekly Davis Index for ADC 12 cfr China settled at $2,332mt cfr China port, up by $40/mt from a week ago.
The weekly Index for ADC 12 cfr Japan settled at $2,338/mt, up by $21/mt. Manufacturers reported improvement in the ADC 12 bids at $2,350/mt cfr China, but exporters did not confirm trades at this level.