LME prices and P1020 spot premiums firm up slightly; European billet premiums still falling
1. LME prices close the week above key technical support, the next technical target remains $1,940 per mton.
2. IRAN ALUMINUM ALERT. US toughens sanctions against Iranian aluminum industry.
3. P1020 PREMIUMS ALERT. LME load-out queues widen amid large cancelations in Malaysia; will push up P1020 premiums around the world given change in LME warehousing rules.
4. LME Cash–3M contango tightens to a two-week low (remains premium-supportive).
5. EUROPEAN BILLET UPDATE. Spot premiums decline further in Germany, Poland, Spain, Portugal, and the UK. Some extruders are back in the spot market.
6. MEXICO SECONDARY ALERT. A380 spot prices jump to... cent/lb pressured by higher secondary scrap prices and better than expected demand.
7. BRAZIL P1020 UPDATE. Six-month P1020 tariff free import quota extension was officially announced today.
8. HARBOR’s Implicit Green Aluminum Upcharge assessed today at zero.
9. China’s aluminum prices nearing last September’s peak.
More details in full report.