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LME prices close above $1,700; China’s secondary imports booming; European billet demand strengthens

CHINA ALUMINUM ALERT.

Executive Summary

1. LME prices could unleash a new wave up toward our $1,840 per mton target, which could be reached before the end of Q3 rather than the end of the year.

2. HARBOR’s Green Aluminum Upcharge is assessed at zero.

3. LME Cash–3M contango remains near a ten-week high amid loose conditions ahead of October (supportive of P1020 premiums around the world).

4. CHINA ALUMINUM ALERT. As HARBOR has anticipated since February, China continues to increase its imports of secondary aluminum from Asia, Europe, and North America.

5. EUROPEAN BILLET UPDATE. Southern Europe extruders see demand take off, will take shorter vacation. To see our full European Billet Market Intel and Premiums assessment please see our specialized European Billet Intelligence Report.

6. China’s aluminum prices climb back to the upper end of their current trading range.

More details in full report.