LME prices basically reach HARBOR's $2,000 per mton target; US spot billet market tightens
1. LME PRICE ALERT. As HARBOR forecasted back in May, LME prices have rallied 40% since bottoming out in May and are just 1% away from our price target range of $... per mton.
2. US BILLET ALERT. Spot premiums unchanged between... cent/lb on lack of transactions; however, strong demand and ongoing supply tightness have moved offers toward... cent/lb.
3. EUROPE BILLET ALERT. ALVANCE aims to begin production of 80 kmtpy of secondary aluminum billet by 2024 amid a $125 million investment in Scotland.
4. EUROPE ROLLING MILL ALERT. European sheet/coil prices expected to jump 10% or more. For more details, please subscribe to our specialized Aluminum Rolled Products Intelligence Report.
5. HARBOR’s Green Aluminum Upcharge assessed at zero.
6. LME Cash–3M contango widens for the first time in five sessions, remains barely supportive for spot P1020 premiums worldwide.
7. China’s aluminum prices remain near three-year highs on supportive economic data.
More details in full report.