August 23, 2023
ALERT! – US BILLET.
1. LME price unable to rally amid technical selling and a lack of fresh long-buying appetite.
2. ALERT! – US BILLET. BEARISH DEMAND OUTLOOK: No billet demand recovery expected soon.
3. ALERT! – US WIRE ROD. WEAKNESS EXTENDING: Weak US EC wire rod demand for medium voltage cable extending.
4. UPDATE! – WORLD SMELTING PRODUCTION COST. World aluminum smelting cost decline still on pause.
For more details on world aluminum smelting cost trends and figures, subscribe to HARBOR’s “Aluminum Smelting Cost” report.
5. LME Cash-3M contango regains steepness amid market surplus.
6. SHFE aluminum prices continue to test short-term resistance levels.