LME price down but still around $… per mton; Deteriorating scrap demand across N. America and Europe

 
ALERT! – US SCRAP.

1. LME price down but still hovering around the key $… per mton level amid bearish demand sentiment and oil price plunge.

2. China’s aluminum prices maintain technical support, but bearish demand headwinds continue.

3. RERUN: ALERT! – US BILLET. ANOTHER LONG MATING SEASON AHEAD: US contracting extrusion demand leading extruders to consider delaying 2024 billet negotiations.

For more details, please see HARBOR’s “Alert! – US Billet!” released last Friday.

4. ALERT! – US SCRAP. OVERSUPPLIED: Poor domestic demand, low prices and blurry outlook pushing US suppliers to look for alternative markets abroad.

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

5. ALERT! – MEXICO SCRAP. CRUNCHED: Scant demand and constrained cash flows biting the Mexican scrap market.

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

6. RERUN: ALERT! – EUROPE SCRAP. HALTED: Poor demand causes production halts and falling scrap prices.

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

7. ALERT! – AUTOSHEET EXPANSION. Nanshan to expand autosheet capacity in China.

For more details, please subscribe to HARBOR’s specialized “Aluminum Rolled Products Intelligence” Report.

8. LME Cash-3M backwardation intensifies to a one-year high amid steepest front-month tightness since 2018 (bearish for P1020 premiums).

 

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