UK aluminium alloy and scrap prices were steady over the past week amid slow domestic market conditions. Higher scrap offers from Indian buyers are keeping a floor under UK scrap prices, while tight profit margins are discouraging alloy producers from lowering their own selling prices.

Argus LM24 diecasting alloy prices were unchanged at £2,000-2,050/metric tonne (t) delivered to customers today, while LM25 grade alloy prices remained at £2,500-2,550/t and LM6 grade alloy at £2,525-2,575/t.

Argus' weekly assessment for cast scrap prices was steady at £1,370-1,420/t delivered to customers today, while old rolled scrap prices remained at £1,300-1,350/t. Commercial turnings scrap was flat at £1,200-1,250/t, while aluminium wheels scrap was steady at £1,730-1,780/t.

Scrap prices increased in late June on renewed support from high bids from Indian buyers, after that upward pressure had been relieved somewhat in the previous weeks as dollar-denominated prices available from export markets in Asia fell in sterling terms with a weaker dollar.

London Metal Exchange prices edged higher over the past week. The three-month aluminium contract settled at $2,591/t in today's official session, up by just 0.41pc on the week.