LME price falls back toward $... per mton; Slab premium falls further in Europe

1. LME prices declined for a third consecutive session amid bearish demand signals.

2. China’s aluminum price still capped at technical resistance zone.

3. ALERT! – EUROPE SLAB. LOWER FOR LONGER: European 2024 common alloy slab upcharge down by as much as 100 euros per mton.

4. ALERT! – US MILL-GRADE OLD SHEET. SCARCE: Tightness holds old sheet spreads up.

For more details, subscribe to HARBOR’s specialized “US and Mexico Aluminum Scrap Intelligence” report.

5. LME Cash-3M contango yield remains uneconomic for cash-and-carry deals (bearish premiums).