LME price up but still range-trading; magnesium and silicon crisis hits US billet market
1. LME prices rise to the upper end of the predominant short-term trading range (... per mton) amid easing market fear; thin volumes persist ahead of tomorrow’s reopening of Chinese markets and key US jobs data.
2. US BILLET ALERT. MAGNESIUM AND SILICON CRISIS HITS US BILLET: Crisis has increased billet casting cost by as much as... cent/lb in just four months.
3. US BILLET ALERT. EXTRUSION INDUSTRY BOOMING: Another new extrusion press is confirmed for 2022.
4. EUROPE WIRE ROD UPDATE. SPIKING SPOT AND 2022 PREMIUMS: 2022 EC contract rod premiums jumping as high as... euros.
5. LME Cash–3M contango widens from three-week lows on easing December tightness.
6. The Shanghai Futures Exchange (SHFE) was closed today due to China’s National Day holiday. Trading will resume on Friday, October 8
More details in full report.