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(AMM) Rising demand boosts scrap aluminum tags

July 01, 2009 - 21:41 GMT Location: New York

Aluminum scrap prices continue to move higher, with market participants debating whether an improvement in economic conditions will trigger a scrap shortage and how much upward distortion may be caused by financially-weak consumers paying a reassurance surcharge to attract metal.

For mixed low copper clips headed to smelters, prices are reported largely in a range of 47 to 49 cents a pound, up from 46 to 47 a week earlier. Over the past year, prices for that scrap grade fell from a high of 90 to 91 cents a pound in July to a low of 33 to 34 cents in February.

"All the secondary smelters seem to be looking for scrap," said a major supplier. "Chrysler (LLC) orders are better than anticipated. The guys making deox for steel mills are all of a sudden looking for scrap...

All material subject to strictly enforced copyright laws. © Euromoney Institutional Investor PLC.

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