Scrap Metal Prices

Spurred by strong Chinese and American manufacturing data and weakness of dollars. London Metal Exchange(LME) aluminum futures closed steadily, and finally closed at 2,150 points, up by 55 points, or 2.68% on 1st. In terms of the stock, LME aluminum stock decreased 7，000 tons, the total decreased to 4,435,475 tons on Tuesday.

Today, Shanghai aluminum rose with volatility after high-open. Contract 1012 closed at 15,650 points in the afternoon, up by 85 points, or 0.55%, trading at 15,590 to 15,720, positions decreased 9,284 hands, turnover increased 8,000 hands to 79,000 hands.

In Spot market, the Yangtze A00 aluminum transaction prices: 15,230-15,270 RMB / T, up by 50 RMB / T over the previous trading day; Shanghai A00 aluminum ingot transaction price: 15,220-15,250 RMB / T; up by 30 RMB / T. Guangdong Nanchu A00 ingot transaction price: 15,180-15,320 RMB / T, up by 30 RMB / T.

Today, the domestic scrap aluminum price kept same with previous trading day. Downstream customers’ demand for goods was still weak, their purchase mainly based on demand. A small amount of transactions achieved between traders, some dealers were optimistic with the aluminum scrap market. Latest Price: shred tense 12,900 RMB/T, shred taint 12,300 RMB/T.

In a short term, Due to the success of the rise of aluminum and reduction of the cost as well as the encourage of domestic manufacturing data, aluminum prices rebounded again and extend short-term strength. Meanwhile, the resume of quantitative easing policy has boosted the investment interest on metals. Therefore, it is expected that short-term aluminum prices will rise higher.

(1RMB=0.1471USD) News Source www.worldscrap.com