UK aluminium scrap prices fall on China, oversupply

UK aluminium scrap prices are falling swiftly, with negative sentiment from China and oversupply, rather than any factor related to Greece's financial difficulties, leading the charge downwards.

"Just when we thought the market had stabilised, it got worse,” a scrap dealer said. “The prices on offer are diabolical.” London Metal Exchange aluminium prices fell below $1,670 per tonne on Wednesday July 8, plumbing depths not seen since the immediate aftermath of the global financial crisis. But while European eyes are trained on the Greek situation, for the scrap market the real issue lies further away. “Everyone is looking in the wrong direction. China’s energy costs are falling, they are overproducing raw materials, and they’re having a financial...

Published

Jethro Wookey

July 09, 2015

11:21 GMT

London