Bearish price and premium pressure across the board
1. LME price drops for a second consecutive week, returns to short-term trading range of $2,200-$2,350 per mton as anticipated by HARBOR.
2. ALERT! – US MW PREMIUM - from HARBOR’s Pricing Unit. WEAKENS FURTHER: Spot MW premium falls to 21.05-21.45 cent/lb.
3. ALERT! – EUROPEAN BILLET. UNCERTAIN DEMAND: Demand uncertainty is weighing on Q3 billet contractual negotiations.
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4. ALERT! – EUROPEAN SCRAP AND SECONDARY. BEARISH PRESSURE: Demand uncertainty and lower LME prices continue pressuring down scrap and secondary prices.
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5. China’s aluminum prices rebound from six-week lows.
6. LME Cash–3M contango tightens again as May-June backwardations remains steep (bearish P1020 spot premiums).