Fastmarkets’ price assessment for aluminium alloy A380.1, delivered Midwest rose for the twelfth week in a row on October 29, gaining 2 cents to reach 86-88 cents per lb - its highest level since the price stood in this same range in early January 2019.
Several deals were heard within the higher range, with several concluded at 87 cents per lb, but numbers as high as 90 cents per lb were being mentioned, sources told Fastmarkets.
Producers expected that prices would rise further in the coming week given current demand levels.
“The Asian market is moving up, so our markets are going up,” one producer said of increasing A380.1 prices. “Scrap generation remains tight, so we are pushing prices as our demand is higher than any other time in history.”
Other secondary aluminium alloy prices also edged up.