LME price pulls back toward three-week lows; European P1020 premiums rise, regional billet premiums decline

 
ALERT! – EUROPEAN P1020.

1. LME prices closed the week on a bearish note, down 2% amid plunging oil prices and demand growth fears.

2. China’s aluminum prices fall amid selling at the six-month technical resistance zone.

3. ALERT! – EUROPEAN P1020. THREE-MONTH HIGHS. European P1020 duty-paid premiums inch higher again on LME and MW rally.

4. ALERT! – EUROPEAN BILLET. RANGE CONVERGENCE. Spot and contractual billet premiums decline further to as low as $540 per mton.

To see our full European Billet Market Intel and Premiums assessment, please subscribe to HARBOR’s specialized European Billet Intelligence Report.

5. ALERT! – EUROPEAN SCRAP. SQUEEZED. Margins for secondary smelters continue to shrink.

For more details, please subscribe to HARBOR’s specialized Europe Scrap Intelligence Report.

6. ALERT! – US SCRAP. EC wire discounts tighten.

For more details, please subscribe to HARBOR’s specialized US and Mexico Aluminum Scrap Intelligence Report.

7. LME Cash–3M contango widens to $35 per mton, approaching break-even levels for inventory financing.

 

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