Aluminum heads into March with questions
While the sale of aluminum scrap is declining, there's a surge in demand from consumers.
While the sale of aluminum scrap is declining, there's a surge in demand from consumers.
"Longs sales are at a standstill," said one producer.
For the West Coast export market, Tet/Chinese New Year ended on Monday and buyers were just coming back to the market.
In 2023, the US economic performance has exceeded expectations. The Bureau of Economic Analysis reports an estimated real GDP growth of 2.5% for 2023.
Market contacts have noted a reduction in the availability of refinery-grade (#2) scrap in January. This follows a slight improvement in December, as export markets were less attractive to European scrap dealers due to the freight disruption that has resulted from the conflict in the Red Sea.
Scrap prices were flat-to-down m/m across major Asian consuming markets as buyers resisted fresh purchases ahead of holidays in China and Southeast Asia as well as on weak demand stemming from reduced steel mill utilisation rates.
European scrap prices were mostly unchanged m/m in February because weak demand was relatively balanced by limited supply.
US scrap prices fell again this month, as ample availability and tepid demand put downward pressure on the market
Supply decreased for both scrap and pig iron due to seasonal factors, but availability remained ample amid tepid demand in a challenging steel market.
Turkish scrap import prices decreased last week.