LME price remains in technical correction mode; US MW and European P1020 premiums at deep discounts

1. LME prices experience a third-consecutive weekly decline amid bearish technical momentum, demand contraction and oversupplied physical markets.

2. ALERT! – US MW PREMIUM – from HARBOR’s Pricing Unit. DEEP DISCOUNTS: MW premium as low as… cent/lb.

3. ALERT! – EUROPEAN P1020. LOWER AND LOWER: European P1020 duty-paid premium falls to as low as $200 per mton.

4. ALERT! – EUROPEAN BILLET. CLEANSING PROCESS: European spot billet premiums decline further.

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

5. ALERT! – EUROPE SECONDARY MARKET. COMPETITION PERSISTS: Export demand keeps European secondary scrap market tight.

For more details, subscribe to HARBOR’s specialized “Europe Scrap Intelligence” reports.

6. ALERT! – EUROPE MILL-GRADE SCRAP. LESS SUPPLY, LESS DEMAND: Mill-grade scrap generation in Europe keeps falling, but consumers are out of the spot market.

For more details, subscribe to HARBOR’s specialized “Europe Scrap Intelligence” reports.

7. ALERT! – US ZORBA. BEARISH: Zorba comes under pressure as export buckles.

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

8. China’s aluminum price still trading around six-week lows.

9. LME Cash-3M contango still tight for cash-and-carry deals (bearish premiums).