Downtrend resumes for European P1020 & billet premiums; LME price rallies to two-week highs

July 23, 2022

EUROPEAN P1020 ALERT.

1. LME price rallies to a two-week high and climbs 5.7% w/w; range-trading between $... per mton and $... per mton expected to continue in the next few weeks.

2. EUROPEAN P1020 ALERT. DOWNTREND RESUMES: European P1020 premiums drop again amid multiple bearish factors.

3. EUROPEAN BILLET ALERT. DOWNTURN CONTINUES: European spot and contractual billet premiums’ decline resumes.

To see our full European Billet Market Intel and Premiums assessment, please subscribe to our specialized European Billet Intelligence Report.

4. EUROPEAN SCRAP ALERT. CLOSED FOR NOW: Scrap and ingot markets paralyzed amid deteriorating demand conditions and summer break.

To see our full market intel on the European scrap market, please subscribe to our specialized Europe Scrap Intelligence Report.

5. China’s aluminum prices sustain technical rebound from fifteen-month lows.

6. LME Cash–3M backwardation steepens again amid severe tightness between October and November.

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