HARBOR's $2,000 per mton LME target reached; European spot billet premiums increase further
1. LME PRICE ALERT. As HARBOR forecasted back in May, LME prices have rallied 40% since bottoming out in May and officially reached our price target range of $... per mton.
2. EUROPEAN P1020 ALERT. P1020 premiums at the Iberian peninsula hold at seven-month highs amid higher logistics costs.
3. EUROPEAN BILLET UPDATE. EVEN HIGHER SPOT PREMIUMS: $... spot premiums becoming more prevalent across the board. To see our full European Billet Market Intel and Premiums assessment, please subscribe to our specialized European Billet Intelligence Report.
4. HARBOR’s Green Aluminum Upcharge assessed at zero.
5. LME spreads tighten, as longer-term contangos narrow while backwardation arises in Q1 2021.
6. China’s aluminum prices jump to a new three-year high.
More details in full report.