Scrap Metal Prices and Scrap Metal Auctions

Spurred by the better stock market in the EU and UAS, the London Metal Exchange (LME) showed that aluminum futures on 29th rebounded, rose and finally closed at 2,095 points, up by 25 points, or 1.21%. Inventory, on Thursday, dropped 4,500 tons, totally to 4,390,625 tons.

Today Shanghai aluminum opened low and fluctuated low. Contract 1011 closed at 15,460 points, down by 40 points, or 0.26%, trading at 15,420 to 15,535, positions increased 6,336 hands, turnover increased slightly.

On the spot market, the Yangtze A00 aluminum 15,080-15,120 RMB/T, unchanged from yesterday’s; Shanghai A00 aluminum ingot 15,070-15,100 RMB/T, down by 35 RMB/T; Guangdong Nanchu A00 aluminum ingot 15,010-15,150 RMB/T, down by 30 RMB/T.

In the short term, the stabilized stock market and decrease in dollar value supported aluminum price, and rising copper price also propped up aluminum price. Aluminum price would be constrained in the short term and future aluminum price would be adjusted.

Today, the domestic aluminum price was stable and buyers procured on demand. Watching attitudes were strong in the market. The overall trading atmosphere was sluggish. Latest market price: shred tense 12,800 RMB/T, shred taint 12,000 RMB/T.

Taken together, privilege for high-demanding electric energy was canceled, which increased the cost of producing aluminum. Economic development of the second half year was no better than the first half, and aluminum price will be at the range of 14,500-17,000 RMB in the short term.

(1RMB=0.1476USD) News Source www.worldscrap.com

Filed under: Aluminum Scrap Metal Prices, aluminum, china scrap metal prices