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Bearish price and premium pressure across the board

ALERT! – US MW PREMIUM - from HARBOR’s Pricing Unit.

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.

To see our full European Billet Market Intel and Premiums assessment, subscribe to HARBOR’s specialized “European Billet Intelligence” reports.

4. ALERT! – EUROPEAN SCRAP AND SECONDARY. BEARISH PRESSURE: Demand uncertainty and lower LME prices continue pressuring down scrap and secondary prices.

For more details, subscribe to HARBOR’s specialized “Europe Scrap Intelligence” reports.

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).