LME price down 3% w/w as technical pullback continues; European billet spot premiums showing a mixed behavior
1. LME prices hardly changed on Friday as retracement from all-time highs continues; door is open for $... per mton amid deteriorated price technical outlook, demand destruction trend, interest rate hikes, and the absence of official sanctions on Russian aluminum.
2. China’s aluminum prices extend short-term rebound, testing a two-week high.
3. LME Cash–3M contango widens again amid looser conditions ahead of May.
4. EUROPEAN BILLET ALERT. UP AND DOWN: Spot billet premiums jump further in UK, but weaken in Turkey.
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5. EUROPEAN SCRAP ALERT. MORE DEMAND FOR CUTTER GRADES: Appetite for bare 6063 scrap, cable and litho scrap increases as P1020 premiums jump
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6. MEXICO ALUMINUM SCRAP ALERT. GRADUALLY SOFTENING: UBC and extrusion scrap spot prices are now falling.
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