LME still around ... per mton supported by oil gains; US mills announce magnesium surcharges
1. LME prices up marginally on oil price gains and subdued volumes, short-term range-trading conditions persist.
2. US ROLLING MILL UPDATE. MAGNESIUM CRISIS: More US mills withdraw from unsigned 5xxx coil offers; surcharge seen between... cent/lb.
More North American rolling mills withdraw from unsigned 5xxx series coil contracts, hike offered price and announce or plan magnesium surcharges. For more details, please subscribe to our specialized Aluminum Rolled Products Intelligence Report.
3. EUROPE SLAB & BILLET ALERT. ANOTHER FORCE MAJEURE: Alcoa’s San Ciprian declares force majeure in a letter to customers.
4. LME Cash–3M contango narrows further as backwardation emerges after November.
5. The Shanghai Futures Exchange (SHFE) was closed today due to China’s National Day Holiday. Trading will resume on Friday, October 7.
More details in full report.