Market
April 22, 2024
Non-Ferrous Spreads
Written by Gabriella Vagnini
Despite the rise in LME 3-month and base prices, aluminum recycled spreads have remained stable, even with increasing demand. However, I am hearing that UBC has been trading north of 70% as of recent. This has led to a seller’s market, with mills readily meeting asking prices.
Meanwhile, the copper market has seen a shift in spreads from May to July for many sellers, even though the spread is less than 3c. This adjustment suggests a cautious approach among traders, possibly bracing for a challenging summer in terms of base prices.
| Aluminum (MWUSTP $1.39/lb, LME 3M $2670.50/mt) | Spread |
|---|---|
| 1100 Bare | 79% |
| 3003 | 82% |
| 5052 Bare | 84% |
| 6061 Turnings | 60% |
| 6061 Sheet/Plate/Clip | 68% |
| 10/10 Extrusion | 70% |
| 6063 Bare Extrusion | 82% |
| EC Chops | 82% |
| EC Wire | 83% |
| Irony Extrusion – 95/5 | 65% |
| Litho | 73% |
| MLC | 68% |
| Old Sheet | 60% |
| PAS | 68% |
| Car Rims – Clean (Limited) | 80% |
| UBC | 70% |
| Wheels – Dirty | 74% |
| Copper (Comex – May 4.4875, July 4.5160) | Spreads |
|---|---|
| Bare Bright | – 0.12c |
| #1 Copper | – 0.20c |
| #2 Copper Shredded roughly 96% | – 0.34c |
| ICW #1 (x recovery + processing 10c) | – 0.20c |
| ICW #2 (x recovery + processing 10c) | – 0.33c |
| Birch/Cliff | – 0.31c |
| Copper Rads | – 0.42c |
| Copper Chops | – 0.30c |
