UNITED STATES May 27 2016 2:40 PM

NEW YORK (Scrap Register): United States shredded scrap prices shot up during the week ended May 06, while major US aluminum scrap commodities weekly average prices on Scrap Register Price Index remained flat.

According to TSI, US Midwest weekly shredded index increased by $34 a long ton to finish the week at US$293/l. ton (delivered mill). Mills have stated strong demand, limited availability of scrap as well as potential raw material supply constraints in the summer have all been factors in the recent price surge. 

Moreover, mills on the East Coast have also been competing for material against Turkish buyers, where seaborne demand remains strong. 

Participants were, however, disappointed that the domestic Midwest market has not yet reached the levels of the export market during buy week, but are confident that this leaves some room for further upside potential next month.

The weekly average scrap prices of Al/Cu Rad with Iron, Al/Cu Radiator, Alum Breakage, Alum Litho Sheets, Alum Old Sheet, Alum Transformer and Mix Alum Casting remained almost flat during the week.