LME prices close week above $2,500 per mton; European P1020 premiums up again and bracing for impact

1. LME prices climb back just above $2,500 per mton, erasing previous weekly losses; psychologically bullish factors likely to continue into early August.

2. SHFE aluminum prices up and nearing recent two-month highs.

3. EUROPEAN P1020 ALERT. BRACING FOR IMPACT: New six-year highs for Rotterdam premiums as the Russian export tax approaches.

4. RERUN: US MW PREMIUM & SLAB ALERT. ANOTHER BULLISH THREAT TO PREMIUMS.

For more details, please see our “US MW Premium & Slab Alert” released yesterday.

5. EUROPEAN SCRAP MARKET. STORY OF TWO TALES: Weak secondary market, fierce competition for primary scrap.

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

6. MEXICO SCRAP ALERT. SECONDARY DEMAND TO REMAIN WEAK: Alloy ingot and secondary scrap demand falls further.

For more details, please subscribe to our specialized US and Mexico Aluminum Scrap Intelligence Report.

7. LME Cash–3M contango tightens to one-month low, as backwardation emerges ahead of September.

More details in full report.