LME prices post biggest monthly loss since March 2020; Magnesium crisis in North America continues

1. Short-term target of $... per mton remains in the cards amid bearish monthly close.

2. LME PRICE ALERT. CORRECTION NOT OVER: Chinese government expects much lower coal prices, bearish LME prices.

3. China’s aluminum prices fall m/m by the most since March 2020.

4. US BILLET ALERT. SECOND WARNING: Another major North American billet supplier warns about potential curtailment of billet.

5. US PFA ALERT. DOUBLING Y/Y: 2022 PFA contractual premiums jumping to as high as... cent/lb over MW.

6. EUROPE SLAB ALERT. Most major rolling mills and slab producers have enough magnesium for Q1 2022. However, a slab squeeze remains in place.

7. RERUN: EUROPEAN P1020 ALERT. DOWN TO THREE-MONTH LOWS: European P1020 premiums gap down as bearish pressure intensifies.

For more details, please see our full “European P1020 Alert” released on October 28, 2021.

8. EUROPEAN BILLET UPDATE. BEARISH STORM APPROCHING? Spot billet premiums unchanged, while bearish premium factors accumulate.

To see our full European Billet Market Intel and Premiums assessment, please subscribe to our specialized European Billet Intelligence Report.

9. EUROPEAN SCRAP MARKET. REVERSION: Spot activity is basically gone, offered prices for secondary ingot and scrap plummeting.

To see our full market intel on the European scrap market, please subscribe to our specialized Europe Scrap Intelligence Report.

10. ROLLING MILL ALERT. More autosheet and cansheet capacity coming.

11. LME Cash–3M contango narrows toward six-week lows amid tightness ahead of 2022.

More details in full report.