LME prices reach as high as $... per mton and European premium advance further ahead of Russia export tax implementation
1. LME prices reached as high as $... per mton; closing the month up... % m/m with higher levels still likely in the short term.
2. SHFE aluminum prices up and testing levels around... yuan per mton.
3. EUROPEAN P1020 ALERT. FRESH SIX-YEAR HIGHS: Rotterdam premiums continue with their nonstop rise; offers as high as $... per mton.
4. EUROPE WIRE ROD UPDATE. STRONGER AND GREENER: European EC rod demand remains strong; interest in green aluminum cable grows.
5. EUROPEAN BILLET UPDATE. CONSOLIDATING AT RECORD HIGHS: Sellers’ market conditions linger as Russia export tax is set to begin next week.
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6. EUROPEAN SCRAP MARKET. BULLISH UNCERTAINTY: Secondary prices up amid Russian export tax and Asian demand.
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7. MEXICO SCRAP ALERT. SECONDARY DEMAND CONTINUES TO FALL: More casters in Mexico slashing orders for August–September.
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8. LME Cash–3M backwardation remains steep but eases from yesterday's twenty-month peak.
More details in full report.