NASAACNorth American Special Aluminum Alloy Contract
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Buyers such as Goldstein, who helps purchase aluminum scrap for Lorbec's Noral Alloys foundry in Laval, Quebec, are concerned that Chinese buyers can continue to offer prices above those offered by North American buyers pegging themselves to the NASAAC number.
"We're going to support the NASAAC," declared Daniel Bealko, a global commodity manager with General Motors.
Cindy Brooks, a trader with OmniSource Corp., says the scrap company views the NASAAC as "another tool to help us manage our risk." Brooks says OmniSource, which also runs the Superior Aluminum Alloys secondary smelter in New Haven, Ind., has viewed trading as too thin on the previous LME contract.