Secondary aluminium prices in the UK increased for the eighth consecutive week on Wednesday as export sales and diminished London Metal Exchange stock levels added to the pressure of high scrap prices.
LM24 pressure diecasting ingot soared to ?1,380-1,430 ($2,235-2,315) per tonne from ?1,330-1,380 per tonne previously.
“It’s the sheer shortage of scrap that’s driving the market,” a producer told MB.
Producers will now only book orders according to the amount of scrap coming into their yards.
“I can only melt if I’ve got scrap,” the producer said.
LM6/LM25 gravity diecasting ingot jumped to ?1,570-1,630 per tonne from ?1,520-1,580 per tonne previously.
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