Door open for unsustainable visit to $... per mton; European billet premium as high as $... per mton; MJP premium up
1. Technically, door is open for LME prices to spike toward $... per mton in the very short term, although levels above $... per are still seen unsustainable.
2. SHFE aluminum prices up to a new 13-year high.
3. EUROPEAN BILLET UPDATE. ALL-TIME $... PER MTON RECORD: European spot billet premiums spike to $... ; Q3 contracts closed as high as $... per mton. To see our full European Billet Market Intel and Premiums assessment, please subscribe to our specialized European Billet Intelligence Report.
4. US FOIL ALERT. AFFIRMATIVE DETERMINATIONS: US to impose hefty preliminary antidumping duties on foil imports from Russia, Brazil, Armenia and Oman. For more details, please subscribe to our specialized Aluminum Rolled Products Intelligence Report.
5. EUROPE WIRE ROD UPDATE. BULLISH OUTLOOK: Tight wire rod market and rising wood costs supporting higher spot wire rod premiums ahead.
6. RERUN: MJP PREMIUM ALERT. MJP spot gaps up to $... per mton.
7. ALERT! ALUMINUM SALES. Rusal announces strategic role changes amid Green Aluminum Revolution and structural market changes in China.
8. GREEN ALUMINUM MONITOR: Green investments, technology and accountability. For more details, please see our “Green Aluminum Monitor” released earlier today.
9. ALERT!-CHINA SCRAP. GOING GREENER: China announces another recycling project.
10. LME nearby backwardation intensifies, Cash–3M spread again in backwardation.
More details in full report.