LME prices close April on bearish mode; Europe spot premiums losing bullish momentum
1. LME prices close April down 12.6% m/m or $438 per mton.
2. China’s aluminum prices stuck near four-month lows.
3. EUROPEAN P1020 ALERT. NEW HIGHS BUT LOSING MOMENTUM: European P1020 premiums inch higher.
4. EUROPEAN BILLET ALERT. NEGOTIATING: Q3 billet contract negotiations with the low end of the range likely to decline.
To see our full European Billet Market Intel and Premiums assessment, please subscribe to our specialized European Billet Intelligence Report.
5. EUROPEAN SCRAP ALERT. CONTRACTION: Secondary alloy producers in Europe may be forced to cut production.
To see our full market intel on the European scrap market, please subscribe to our specialized Europe Scrap Intelligence Report.
6. RERUN: HARBOR FIRST ALERT. MANAGEMENT BUYOUT: US based PerenniAL acquires Rusal America to expand product, origin, and geographical offering.
For more details, please see “HARBOR’s Fist Alert” released yesterday, April 28, 2022.
7. GREEN ALUMINUM MONITOR: Recycling expanded, consolidated, enhanced.
For more details, please see HARBOR’s “Green Aluminum Monitor” released earlier today.
8. LME Cash–3M contango closes the week widening to two-week highs.