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.
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.
Rio Tinto will exclusively market billet from RevoCast’s new British Columbia plant under a long-term agreement combining primary and recycled aluminum.
Recycler forward expectations swung toward oversupply in September as inventory drawdowns eased and export demand lost August’s improving responses.
Aluminum sheet lead times rose in September even as more respondents became more comfortable with overall supply.
