The weekly Davis Index for A380.1 rose by 1.2¢/lb to $1.072/lb delivered US consumer as rising copper and silicon prices pushed secondary alloy upward.
Despite production cutbacks at both Ford and General Motors, sellers remained bullish, citing healthy demand from the housing and lighting industries. Lower availability of scrap to make alloys has also increased input costs.
Participants consider the current 18,680mt LME Nasaac warehouse inventory extremely low. Reportedly, traders in the Southeast are now importing secondary alloys from Europe, where local demand is subdued.
The weekly index for A360.1 and 319.1 both increased by a penny to settle at $1.125 delivered and $1.12, respectively. The index for A413.1, however, remained unchanged at $1.13/lb delivered.
The LME Aluminum cash price settled Friday at $2,076.50/mt (94.1¢/lb), up by $69/mt from $2,007.50/mt on Feb 5.