U.S. aluminum price premiums are at an all-time low factoring in the 232 tax and secondary aluminum prices are not getting any help from the London Metal Exchange (LME) where prices declined last week. The LME aluminum cash contract closed the November 15 session down more than 4% from the prior week.
A leading aluminum manufacturer has been predicting the market would test new lows around the Thanksgiving Holiday, contrasting other industry participants suggesting the market was already there before heading lower. Some aluminum tags eked out a penny gain last week, while most smelter grade prices were sideways. The Midwest spot price was $.9593 today, including the estimated LME premium.
We will continue to keep you updated on market conditions through our website news section, so check back often. Metro Alloys has successfully served its clients for more than 30 years in all market conditions and we encourage you to contact your sales representative, Marvin Fish, Gary Kamp or Abby Frank with any questions.