September 21, 2023
ALERT! – EUROPEAN P1020.
1. LME prices plunges after the Fed signaled higher-for-longer interest rate levels.
2. ALERT! – EUROPEAN P1020. FRESH TWO-YEAR LOWS: Rotterdam duty-unpaid P1020 premium plummets to $… per mton.
3. ALERT! – EUROPE SLAB. BEARISH SLAB OUTLOOK: European 2024 slab upcharges set to fall further.
4. ALERT! – US SCRAP WHEELS. FALLING FAST: US wheel scrap demand crumbles on UAW strike.
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5. LME Cash-3M contango remains wide amid ample metal availability.
6. SHFE aluminum prices still below medium-term resistance levels.