LME closes week in bearish mode; Scrap demand and prices fall across the board

 
EUROPEAN BILLET ALERT.

Note: HARBOR’s Daily Aluminum Commentary will not be published on Monday, May 30, due to the Memorial Day holiday in the US.

1. LME prices close week in bearish mode; downward technical target remains $2,550 per mton.

2. EUROPEAN BILLET ALERT. SOFTENING CONTINUES: Q3 negotiations extend further, spot premium drops in the Iberian Peninsula.

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

3. EUROPEAN SCRAP ALERT. SOME SUPPORT: Secondary price decline pauses.

To see our full market intel on the European scrap market, please subscribe to our specialized Europe Scrap Intelligence Report.

4. ALERT! – SCRAP MEXICO. FREE FALL: Scrap prices and spot demand fall across the board.

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

5. US ALUMINUM SCRAP ALERT. BACKWARDATION: Prices for June delivery now trading in Backwardation.

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

6. LME Cash–3M contango loosens toward two-week high sas spreads remain wide into September.

7. China’s aluminum prices stuck within narrow range around medium-term resistance.

 

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