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European and MJP P1020 premiums plunge; LME price falls toward $1,740 per mton support

Executive Summary

1. LME prices down, approaching support at $1,740 per mton; a stronger US dollar and LME inventory buildups are pressuring down prices. More details in full report.

2. LME Cash–3M spread returns to backwardation, inventory buildups in Asia as anticipated. More details in full report.

3. EUROPEAN P1020 ALERT. European P1020 premiums fall to ten-month lows amid sharp backwardation, growing oversupply of units, contracting demand, and plummeting MW premiums. More details in full report.

4. EUROPEAN BILLET ALERT. Q1 billet contractual premiums fall to a fresh low; P1020 billet offered by European producers; scrap dealers in Italy offering orphan billet units. More details in full report.

5. MJP spot premium falls to a one-year low of $63-$68 per mton following premium declines around the world. More details in full report.

6. MW Duty-Unpaid P1020 premium down to an eight-week low of 8.97–9.44 cent/lb. More details in full report.

7. HARBOR’s Implicit Green Aluminum Upcharge assessed today at zero, unchanged from yesterday’s assessment. More details in full report.

8. SECONDARY ALUMINUM ALERT. Demand for secondary aluminum to remain lackluster and prices depressed. More details in full report.

9. China’s aluminum prices down to two-week lows amid trade-related uncertainty. More details in full report.