Imported aluminium scrap prices have corrected downward in line with futures contracts on the London Metal Exchange (LME).
However, registered warehouse stocks in LME were recorded lower by 21,925 t to 559,375 t during the past week.
Trade participants, mostly overseas sellers, shared that Indian bids are not aligned much considering market dynamics and negligible transactions have been concluded over the last four-five days. On the other hand, Far East buyers are somehow managing to secure actual trade by placing better bids, a major UK-based seller source said.
In the context of Indian bids, which seem to be varying by as much as $50-60/t, most trader sources shared that futures are widely fluctuating and they would rather prefer to clear their previous consignments instead of looking for new procurement.
Due to the bid-offer discrepancy, well-known vendors withheld additional sales and market participants temporarily withdrew, some indentor sources said.
SteelMint’s assessment
- US-origin aluminium talk scrap prices are assessed at $4,570/t CFR Nhava Sheva, down $225/t w-o-w.
- Aluminium taint tabor of Middle East origin was offered at around $1,920/t, CFR Nhava Sheva, down $30/t w-o-w.
- Aluminium extrusion scrap offers from the Middle East stood at $2,120/t, a decrease of $70/t w-o-w.
- Aluminium wheels prices from the UK stood at $2,410/t CFR Nhava Sheva, down $30/t w-o-w.
- UK-origin Zorba 95-5 prices stood at $1,890/t CFR Nhava Sheva, down $30/t w-o-w.
LME trends
Three-month aluminium futures and spot prices on the LME fell to $2,363/t yesterday from $2,467/t on 21 February, down $104/t w-o-w. Stocks of aluminium were assessed at 559,375 t from 581,300 t, a shortfall of 21,925 t compared with last week.
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