LME price hovers around $... per mton; European P1020 and billet premiums fall continues
1. LME price up but closes the week with losses.
2. China’s aluminum price up and approaching technical resistance levels.
3. ALERT! - EUROPEAN P1020. 16-MONTH LOWS: European P1020 premium correction continues.
4. ALERT! – EUROPEAN BILLET. IN THE $600s: Q1 2023 premiums decline to as low as $... per mton.
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5. ALERT! – EUROPEAN SCRAP. LAYOFFS ANNOUNCED: A plunge in demand and low availability of raw materials are hitting the automotive industry hard.
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6. ALERT! - US SCRAP. WIDER DISCOUNTS: Consumers widening their scrap A.356 wheels discounts for the first time in 6 weeks.
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7. LME Cash–3M contango narrows slightly, remains unattractive for cash-and-carry deals.