LME price at seven-month lows; Proposal for US carbon border tax on aluminum imports reintroduced

1. LME prices hovered around $… per mton on expectations of aggressive Federal Reserve policy tightening. Support continues to be seen around the $… per mton zone.

2. GREEN ALUMINUM ALERT. NEW US CARBON TAX PROPOSED: Senators reintroduce proposal for carbon border tax on aluminum imports from 2024.

3. ALUMINUM PRODUCTION. CAPACITY BOOST: Alcoa to expand Mosjøen smelting capacity by… mtpy by 2026.

4. LME Cash-3M contango narrows slightly, while far out backwardations steepen again.

5. China’s aluminum prices bounce back after nearing five-month lows yesterday.