LME price still trying to revisit last week’s highs; European EC rod premium falls

1. LME prices continues to trade at the upper end of the recent trading range, still unable to reach last week’s seven-month high.

2. ALERT! – EUROPEAN WIRE ROD. SHORT-TERM CORRECTION? European EC rod spot premiums decline to as low as €… per mton.

3. ALERT! – US BILLET. YEAR-START: US billet demand weakness lingers.

4. ALERT! – US PFA. CHALLENGES: Semiconductor shortage and EV’s rising market share pose as headwinds for PFA demand.

5. LME Cash–3M contango at two-week highs but still unattractive for new cash-and-carry deals.

6. The Shanghai Futures Exchange (SHFE) was closed due to China’s week-long New Year holiday. Trading will resume on Monday, January 30, 2023.