US Shredded Scrap prices tumble; US Aluminum Scrap prices stay stable
NEW YORK (Scrap Register): United States shredded scrap prices tumbled during the week ended February 10, while major US aluminum scrap commodities weekly average prices on Scrap Register Price Index stayed stable.
Whilst the Turkish Scrap market is in the midst of a rally during the later stages of the US scrap market’s February buy-week, the US Shredded Scrap weekly index took a dive from last week’s index by $30 a long ton to close at $282 a long ton.
Market participants attest that early entrance into the market for buyers was advantageous as the market took a steep dive initially and then recovered.
Those who waited were faced with strong pricing for prime, gradually strengthening pricing for obsolete grades and in the worst case not enough scrap to fill their needs even for a short month.
Early thoughts for March favor a rally as the market predicts a pricing recovery and possibly positive direction depending upon how the export market and constrained supply in the US play out.
The weekly average prices of major US aluminum scrap commodities like 356 auto wheels, 5052 alum clip, 6061 alum extrusion, 6063 extrusion, al/cu rad with iron, al/cu radiator, alum breakage, alum litho sheets, alum old sheet, alum rad with iron, alum radiator, alum transformer, alum transmission, alum turning and mix alum casting remained flat during the week.
(This article is researched and compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments firstname.lastname@example.org)