LME price plunges toward $... per mton; 2024 US Billet offers as low as... cent/lb
October 4, 2023
ALERT! – US BILLET.
1. LME Cash price falls 2% to the $... per mton zone amid signs of ongoing demand contraction and rejection of September’s end-of-quarter rally.
2. LME Cash-3M contango widens further but is still not enough to stop the decline in premiums.
3. ALERT! – US BILLET. 2024 OFFERS AT SINGLE DIGITS: 2024 contractual billet upcharge offers coming as low as... cent/lb.
4. ALERT! – US MILL-GRADE OLD SHEET. CRUNCH: Mill-grade old sheet prices up amid tight supply.
5. The Shanghai Futures Exchange (SHFE) was closed today due to China’s National Day weeklong holiday. Trading will resume on Monday, October 9.