LME prices plummets below key $... per mton level; China announces more aluminum recycling projects
1. LME prices down $... per mton below $... per mton amid demand concerns.
2. China’s aluminum prices retreat from a six-week high.
3. CHINA SCRAP ALERT. MORE CHINESE RECYCLING: Another 300 kmtpy recycling projects announced.
4. US EC WIRE ROD ALERT. RISING DEMAND AND DOMESTIC PRODUCTION: Strong EC rod demand momentum and higher US rod production aligning in 2022.
5. LME Cash‑3M contango widens above $... per mton, now wide enough to profitably finance new cash-and-carry deals (P1020 premium supportive).
More details in full report.