Coronavirus-related slowdowns and reductions at mills and manufacturers, along with retreating prices on the London Metal Exchange (LME), are continuing to contribute to lower trending aluminum prices on a worldwide basis. U.S. scrap market participants report various levels of activity and availability across aluminum tags, but overall a weakening market against stagnant demand.
Aluminum scrap prices were generally soft across most grades last week, except auto-related scrap, which dropped more than 14% from the prior week. The LME three-month aluminum contract closed the April 2 session down nearly 4% from the prior week, with the benchmark contract having shed 20% since its January 2020 peak.
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, Abby Frank or Gary Kamp with any questions.