ALERT! – US CLASS SCRAP.
September 4, 2024
1. LME price retreats to new two-week lows as end-user demand contraction continues to trigger selling.
LME Cash aluminum prices closed the session down 0.5% or…
2. China’s aluminum price declines further to new two-week lows.
SHFE front-month aluminum prices ended the session down 0.5% at…
3. ALERT! – US CLASS SCRAP. LESS TIGHT WITH INCREASED IMPORTS: Class 3 scrap discounts widen as can sheet imports grow.
Class 3 scrap supply swells with can sheet imports. For more details, subscribe to HARBOR’s specialized “US and Mexico Aluminum Scrap Intelligence” report.
4. LME October–November backwardation intensifies to sharpest in one week (bearish premiums).
The Cash-3M contango eased marginally to $21.64 per mton…