LME price opens year with losses; Freight rates plummet further (bearish premiums)

1. LME prices close the week down... % w/w, testing fresh two-month lows amid confirmation of demand contraction and bearish technical momentum.

2. China’s aluminum prices end the week near two-month low.

3. ALERT! – FREIGHT RATES. CORRECTION ONGOING: Breakbulk and container rates fall to a two-year low; pressure on aluminum premiums to continue.

4. ALERT! – EUROPEAN BILLET. DOWNSIDE PRESSURE RESUMES: Spot billet premium downside trend extends into the new year.

To see our full European Billet Market Intel and Premiums assessment, please subscribe to HARBOR’s specialized European Billet Intelligence Report.

5. ALERT! – EUROPEAN SCRAP. SLOW START: Market to resume next week amid holiday season in Europe and still weak demand.

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6. ALERT! – US SCRAP. DECENT DEMAND FOR SOME ITEMS.

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7. LME Cash–3M contango narrows to one-week low but wide spreads persist from late January onwards.