January 23, 2023
ALERT! – US SCRAP.
1. LME price rises with thin volumes, still below the key resistance zone of $… per mton.
2. The Shanghai Futures Exchange (SHFE) was closed due to China’s New Year weeklong holiday. Trading will resume on Monday, January 30, 2023.
3. ALERT! – US SCRAP. WIDER DISCOUNTS ACROSS THE BOARD. Higher MWTP pushing scrap consumers to widen spreads amid limited appetite for spot units.
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4. LME Cash–3M contango widens to one-week highs, still unattractive for new cash-and-carry deals.