LME prices post first weekly decline in six weeks; European billet and P1020 premiums spike again

March 12, 2021

EUROPEAN BILLET UPDATE.

1. LME prices close again below the $... per mton resistance level.

2. China's aluminum prices remain above key level but lack conviction.

3. LME INVENTORY ALERT. RECORD MISLEADING BUILDUPS: LME inventories spike to a four-year high.

4. LME Cash–3M contango narrows but remains near five-month highs.

5. EUROPEAN P1020 ALERT. FRESH TWO-YEAR HIGH: European P1020 unpaid premium at $... per mton.

6. EUROPEAN BILLET UPDATE. NEW RECORDS: Spot at $... per mton; Q3 seems headed to $... per mton. To see our full European Billet Market Intel and Premiums assessment, please subscribe to our specialized European Billet Intelligence Report.

7. EUROPEAN SCRAP MARKET. EUROPEAN PLATEAU: Secondary market price momentum cools down. To see our full market intel on the European scrap market, please subscribe to our specialized Europe Scrap Intelligence Report.

More details in full report.

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