ALERT! – EUROPEAN BILLET.
1. ALERT! – LME PRICE. END-OF-QUARTER PROFIT TAKING: LME price spikes to five-month highs amid end-of-quarter profit taking. Technicals and fundamentals remain bearish.
2. ALERT! – EUROPEAN BILLET. BELOW $…: EU billet premiums fall to as low as $… per mton.
To see our full European Billet Market Intel and Premiums assessment, subscribe to HARBOR’s specialized “European Billet Intelligence” reports.
3. ALERT! – EUROPE SCRAP AND SECONDARY MARKET. MARGIN SQUEEZE GOT WORSE: Secondary D226 prices fall further while India pushes up scrap prices.
For more details, subscribe to HARBOR’s specialized “Europe Scrap Intelligence” reports.
4. RERUN: ALERT! – EUROPE UBC AND CLASS SCRAP. DOUBLE WHAMMY: European UBC demand deteriorating, China could become a home soon.
For more details, subscribe to HARBOR’s specialized “Europe Scrap Intelligence” reports.
5. ALERT! – US 5052/3003 CLIPS. BOTTOMING? Slower generation supporting industrial scrap prices despite weaker demand.
For more details, subscribe to HARBOR’s specialized “US and Mexico Aluminum Scrap Intelligence” report.
6. LME Cash-3M contango tightens below $… per mton amid a spike in canceled warrants; tight nearby and far-end spreads are bearish for premiums.
7. The Shanghai Futures Exchange (SHFE) was closed today due to China’s National Day weeklong holiday. Trading will resume on Monday, October 9.