Short-term LME price support holds; US–Mexico offshore slab imports at record highs; US may follow Europe with Carbon Tax on Imports
July 21, 2021
US SLAB ALERT.
1. LME prices down but receive support from recovering oil prices and Russia’s looming export tax.
2. SHFE aluminum prices continue to find technical support around... yuan per mton.
3. US SLAB ALERT. NEW SLAB RECORD: US–Mexico offshore slab imports at record highs.
4. RERUN: US CARBON BORDER TAX ALERT. US CARBON BORDER TAX PROPOSAL: Lawmakers propose US carbon border tax on aluminum starting 2024.
5. LME Cash–3M contango at two-week lows with tight conditions after August; long-term backwardations remain.
More details in full report.