LME price up above $... as range-trading continues; Magnesium crisis spreads in North America
1. LME prices bounce back supported by oil price rally; short-term range-trading within $... per mton continues
2. US ROLLING MILL ALERT. MAGNESIUM CRISIS HITS US MILLS: US rolling mill withdraws from unsigned 5xxx coil offer for 2022.
Magnesium supply-and-price crisis spreads to North America. For more details, please subscribe to our specialized Aluminum Rolled Products Intelligence Report.
3. RERUN: EUROPEAN ROLLING MILL ALERT. MAGNESIUM CRISIS HITS EUROPE: Major European rolling mill cancelling 5xxx orders.
For more details, please subscribe to our specialized Aluminum Rolled Products Intelligence Report.
4. US BILLET ALERT. BOOMING EXTRUSION CAPACITY: Another press coming in the Midwest in 2022.
5. The Shanghai Futures Exchange (SHFE) was closed today due to China’s National Day Holiday. Trading will resume on Friday, October 7.
6. LME Cash–3M contango narrows from one-week highs, while conditions at the back end of the curve tighten again.
More details in full report.