LME cash price ends week below $... per mton; Bearish pressure grows on European premiums
1. LME prices plunged... % this week to eleven-month lows. The door for a sooner-than-expected visit to $... per mton could open as soon as next week.
2. US MW PREMIUM ALERT - DISCOUNTS CONTINUE: MW premium confirmed at... cent/lb.
3. US SLAB ALERT. FLYING HIGH: Offshore slab imports reach new record highs.
4. EUROPEAN P1020 ALERT. BEARISH PRESSURE: European P1020 premiums fall for the first time in seven months as bearish pressure grows.
5. EUROPEAN BILLET ALERT. DOWNWARD SPIRAL: European billet spot premiums decline to as low as $1,350 per mton and Q3 to as low as $... per mton.
To see our full European Billet Market Intel and Premiums assessment, please subscribe to our specialized European Billet Intelligence Report.
6. EUROPEAN SCRAP ALERT. PARALYZED: Contractual D226 market stalled amid confluence of factors.
To see our full market intel on the European scrap market, please subscribe to our specialized Europe Scrap Intelligence Report.
7. GREEN ALUMINUM MONITOR: Taxing non-green aluminum imports.
For more details, please see HARBOR’s Green Aluminum Monitor released earlier today.
8. China’s aluminum prices retreat to six-month lows.
9. LME far end contangos steepen.