LME price reverses rally as world aluminum demand contracts further

1. LME price down amid world end-user demand contraction and technical selling.

2. SHFE aluminum prices fall after facing technical resistance.

3. SPECIAL ANALYSIS. US manufacturing contracts the most in three years, more contraction expected at least into Q4 2023.

4. ALERT! – EUROPE SLAB. BEARISH SENTIMENT: Deteriorating European slab demand.

5. ALERT! – EUROPE WIRE ROD. AMPLE AVAILABILITY: European wire rod premiums vulnerable to lower levels.

6. ALERT! – US TWITCH. STILL LOW LEVELS: US Twitch producers fail to lift August prices.

For more details, subscribe to HARBOR’s specialized “US and Mexico Aluminum Scrap Intelligence” report.

7. ALERT! – US TWITCH. CONSOLIDATING: Mervis Industriesbuys Texas twitch producer.

For more details, subscribe to HARBOR’s specialized “US and Mexico Aluminum Scrap Intelligence” report.

8. ALERT! – MEXICO UBC. TWO-YEAR LOWS: Mexico’s UBC demand remains poor.

For more details, subscribe to HARBOR’s specialized “US and Mexico Aluminum Scrap Intelligence” report.

9. UPDATE! – WORLD SMELTING PRODUCTION COST. ONGOING PAUSE.

For more details on world aluminum smelting cost trends and figures, subscribe to HARBOR’s “Aluminum Smelting Cost” report.

10. LME Cash-3M contango widens sharply amid ample metal availability, supportive of inventory financing deals.

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