The low ingot price combined with scrap prices not falling at a fast enough rate could prompt production cuts in the coming months, UK producers said.
LM24 pressure diecasting ingot on a delivered consumer works basis fell to £1,390-1,440 ($1,776.89-1840.81) per tonne on Wednesday November 14 from £1,450-1,500 per tonne a week earlier. The price has fallen nearly 10% since the start of the year.
A weakening of automotive demand and bearish sentiment from the secondary aluminium ingot market in Europe have been the drivers of the prolonged slump in the UK market.
The price of commercial cast in the UK on a delivered consumer works...