Alcoa shuts down production at US smelter; LME rallies above... per mton as oil bounces back; DoC could start collecting duties on common alloy imports in June
April 22, 2020
US ROLLING MILL ALERT.
Executive Summary
1. LME prices rally from one-week lows, closing above technical support at... per mton.
2. Alcoa to shut down Intalco, more US smelters could be in the cards.
3. LME Cash–3M contango narrows but remains supportive for spot premiums.
4. US ROLLING MILL ALERT. US ITC issues affirmative preliminary phase injury determinations on all countries under investigation for common alloy aluminum sheet exports to the US. As early as June, the DoC could impose provisional CVD duties.
5. US PFA ALERT. Aluminum wheels plant may shut down permanently, according to sources close to company.
6. China’s aluminum prices resume gains as oil prices rebound.
More details in full report.