LME price spikes above $... per mton, bearish technicals and fundamentals remain

1. ALERT! – LME PRICE. END-OF-QUARTER PROFIT TAKING: LME price spikes to five-month highs amid end-of-quarter profit taking. Technicals and fundamentals remain bearish.

2. ALERT! – EUROPEAN BILLET. BELOW $...: EU billet premiums fall to as low as $... per mton.

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

3. ALERT! – EUROPE SCRAP AND SECONDARY MARKET. MARGIN SQUEEZE GOT WORSE: Secondary D226 prices fall further while India pushes up scrap prices.

For more details, subscribe to HARBOR’s specialized “Europe Scrap Intelligence” reports.

4. RERUN: ALERT! – EUROPE UBC AND CLASS SCRAP. DOUBLE WHAMMY: European UBC demand deteriorating, China could become a home soon.

For more details, subscribe to HARBOR’s specialized “Europe Scrap Intelligence” reports.

5. ALERT! – US 5052/3003 CLIPS. BOTTOMING? Slower generation supporting industrial scrap prices despite weaker demand.

For more details, subscribe to HARBOR’s specialized “US and Mexico Aluminum Scrap Intelligence” report.

6. LME Cash-3M contango tightens below $... per mton amid a spike in canceled warrants; tight nearby and far-end spreads are bearish for premiums.

7. The Shanghai Futures Exchange (SHFE) was closed today due to China’s National Day weeklong holiday. Trading will resume on Monday, October 9.