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LME prices down amid Chinese demand concerns; LME spread tightness now also at the front end of the curve (bearish P1020)

EUROPEAN SCRAP MARKET.

1. LME prices fall below the $... per mton target zone as underlying top formation remains in the making.

2. China’s aluminum prices retreat toward expected support on demand concerns.

3. RERUN: US MW PREMIUM ALERT. PPREMIUM IRRELEVANT: Potential Japanese Section 232 exemption should have no MW premium impact.

4. RERUN: EUROPE SECONDARY ALERT. SUPPLY THREAT EMERGES: Befesa's... kmtpy salt slag treatment facility in Hannover suffers fire.

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5. EUROPEAN SCRAP MARKET. PLUMMETING: Secondary prices and demand are tanking as the end of the year approaches.

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6. LME Cash–3M spread tightens to zero as backwardation intensifies after December (bearish P1020 premiums).

More details in full report.