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LME back above $... per mton; European P0120 and billet premiums gap up; China restarts more production


1. LME prices rallied back above $... per mton, reversing yesterday’s drop as China further expands monetary stimulus measures.

2. SHFE aluminum prices rebound to one-week highs after testing technical support.

3. EUROPEAN BILLET UPDATE. CLIMBING: European spot billet premium floor jumps to $... per mton, and the $... per mton ceiling could be breached any day now. To see our full European Billet Market Intel and Premiums assessment, please subscribe to our specialized European Billet Intelligence Report.

4. RERUN: EUROPEAN P1020 ALERT. DOUBLE IMPACT: Rotterdam premiums continue their bullish run amid Russian export tax. Bullish physical and psychological pressure impacting the spot market; upside for premiums remains considerable. For more details, please see our “European P1020 Alert” released yesterday.

5. EUROPE PFA ALERT. ONE-WAY STREET: 2022 PFA premiums seen jumping ahead despite lingering semiconductor shortage.

6. EUROPEAN SCRAP AND SECONDARY ALERT. WEAKNESS: Spot secondary domestic demand evaporates. To see our full market intel on the European scrap market, please subscribe to our specialized Europe Scrap Intelligence Report.

7. CHINA ALUMINUM ALERT. YET ANOTHER CHINESE RESTART: Chinese smelting restarts continue to gain traction amid record profitability.

8. GREEN ALUMINUM MONITOR: MORE GREEN ALUMINUM CONTRACTS ANNOUNCED: Race for New Customers Gains Traction. For more details, please see our “Green Aluminum Monitor” released earlier today.

9. LME Cash–3M contango hovers around $20 per mton while tightness eases for Q4 2021.

More details in full report.