US domestic secondary aluminum scrap prices trended sideways on most grades this week as smelters remained away from the market during maintenance.
The weekly Davis Index for old sheet inched up by 0.2¢/lb to 67¢/lb delivered US consumer while old cast was flat at 66.7¢/lb delivered. Secondary MLC prices moved to 74¢/lb delivered, down by 1.7¢/lb. The Davis Index for painted siding (secondary) fell by a cent to 71¢/lb delivered. High-grade turnings dropped by 1.3¢/lb to 64.7¢/lb delivered.
The official LME Aluminium cash price settled Wednesday at $2,432/mt ($1.10/lb), down by $77/mt from Jul 14.
The index for Twitch slipped by half a cent to 72.5¢/lb delivered. Midwest transactions are being heard at around 72¢/lb while other areas have seen prices closer to 74-75¢/lb. The Davis Index for Zorba 95/2 domestic settled at 64.1¢/lb, down by 0.4¢/lb. Twitch prices continue to find strength in the export market, where buyers are offering 75-79¢/lb fas for material to Asia.
The market could remain bleak for a few more weeks. With smelter inventories high, not many are buying but some who are still running full-scale operations this month are taking advantage of the price dip. Scrapyards are accepting lower bids continually to liquidate stock, but the high cost of freight is keeping prices afloat.