Rising secondary aluminium prices in Asia helped drive European secondary aluminium ingot prices up last week from its recent decade-long low.
Tight aluminium scrap supply in China due to shrinking scrap import quotas in the country have led to more expensive production costs for secondary aluminium ingots in the region. That has prompted market participants in Asia to seek potentially cheaper metal from as far away as Europe, driving demand higher there.Fastmarkets assessed the aluminium ingot ADC 12 spot (MJP), cfr Japan price at $1,630-1,680 per tonne on December 4, compared with $1,620-1,650 per tonne the week before and bringing it to its highest since May 15, 2019.
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