European aluminium ingot is trading at its lowest level in three years, sparking a significant decline in scrap prices on Wednesday March 6.
Fastmarkets assessed the price of aluminium scrap and foundry ingots LM24 gravity diecasting ingot in the United Kingdom at ?1,370-1,420 ($1,801-1,867) per tonne on Wednesday, down from ?1,380-1,440 per tonne the week before and at its lowest level since October 2016. The price for LM24 fell sharply between February 20 and 27, dropping by ?40 per tonne at both ends of the range to ?1,380-1,440 from ?1,420-1,480 per tonne. This came after a short-lived recovery in January and the first half of February when the price rose to ?1,420-1,485 per tonne on February 6 from ?1,400-1,450 per tonne....