Aluminum Scrap Markets
April 2, 2024
Written by Gabriella Vagnini
As the Midwest Premium steadily climbs back up to 19.35, marking an increase of 190 basis points since the start of March, and with LME val for 3 months at $2370 and cash-to-3-month spread at $42, MWUSTP has reached a $1.25/lbs.
UBCs are still commanding 70% from last week, which mimics the little change in aluminum scrap spreads for this week.
At ADI’s facility in Mississippi, all three cold mills are now operational, which will allow ADI to access the full 650,000-metric-ton annual capability, the company said.
Recycler forward views shifted toward undersupply in October even as Midwest Premium and UBC expectations moved lower.
Rio Tinto maintained third quarter aluminum production as its Arvida smelter transition continued, while the company delayed two capacity projects at the Quebec complex.
US aluminum scrap imports increased faster than exports through August, while similar tonnage gains kept net exports near year earlier levels.
The National Association of Wholesaler-Distributors (NAW) has filed a notice of appeal to the U.S. Court of Appeals for the Ninth Circuit, challenging the district court’s decision to uphold Oregon’s version of the Extended Producer Responsibility (EPR) laws that are popping up across the country.
