The prices for US zinc scrap trended flat for some grades in a quiet market.
The weekly Davis Index for new zinc diecast remained at 78¢/lb delivered US consumer on Thursday. The index for zinc galvanizers bottom dross also held at 73.1¢/lb delivered and increased for zinc galvanizers top dross by 0.3¢/lb to 70.3¢/lb delivered.
LME zinc continued its strong run seen since early July but gave up some of its gains from its peak of $2,218/mt on July 21 during the week. The three-month official LME zinc contract closed Thursday at $2,214/mt up by $16/mt from $2,198/mt on July 16. Despite the current muted demand, market participants expect it to trend up towards $2,200/mt in the coming weeks as inventories remain adequate.
The index for special high-grade zinc premium, held at 8.5¢/lb delivered, under the three-month LME contract as demand softened and supply remained adequate to fulfill market needs. Buyers are also showing some reluctance because of the rising number of COVID-19 cases across the country that are causing many manufacturing units to slow down their restart plans.