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LME prices down $... per mton; Backwardation steepens; European PFA premium at all-time highs


1. LME prices tumble 4% to key support zone on demand fears; top formation still in the making.

2. China’s aluminum prices retreat below key support threshold.

3. EUROPE PFA ALERT. NEW ALL-TIME HIGHS: Full spot PFA premiums gap up to $... per mton.

4. EUROPEAN BILLET ALERT. STRONG DEMAND OFFSETS BEARISH FACTORS: Strong billet demand offsetting multiple bearish factors.

Spot premiums seem to have plateau for now amid several bearish factors, while signs of strong demand continue and enduring supply chain struggles remain. To see our full European Billet Market Intel and Premiums assessment, please subscribe to our specialized European Billet Intelligence Report.

5. EUROPEAN SCRAP MARKET. HALTING OPERATIONS: More participants expected to shut down operations in the weeks ahead.

Scrap dealers are planning to halt operations in December for longer than usual. To see our full market intel on the European scrap market, please subscribe to our specialized Europe Scrap Intelligence Report.

6. MEXICO SCRAP ALERT. AHEAD OF THE CHRISTMAS BREAK: Mexican scrap buyers increase their scrap purchases.

UBC and old cast prices remain slightly above export prices now that the MWTP has fallen considerably. For more details, please subscribe to our specialized US and Mexico Aluminum Scrap Intelligence Report.

7. LME Cash–3M tightness intensifies again as the December-January backwardation steepens (bearish P1020 premiums).

More details in full report.