LME price down 2% this week amid Chinese demand contraction; Magnesium supply crisis spreads
1. LME prices post steepest weekly drop since July amid end-of-quarter selling and bearish demand uncertainty from China and Europe.
2. MAGNESIUM SPECIAL ALERT. MAGNESIUM SUPPLY CRISIS: European aluminum industry at risk of shutdowns.
3. ALUMINUM PRODUCTION ALERT. NEW OWNER: AIP announces ownership of Dunkerque smelter.
4. The Shanghai Futures Exchange (SHFE) was closed today due to China’s National Day Holiday. Trading will resume on Friday, October 7.
5. EUROPEAN P1020 UPDATE. AT RECORD HIGHS: Southern European P1020 premiums at $445 per mton.
6. EUROPE WIRE ROD UPDATE. RISING PREMIUMS: European EC rod spot premiums jump to as high as 485 euros amid strong demand.
7. EUROPEAN BILLET UPDATE. UP TO $... PER MTON: Spot billet premiums increase to $... per mton as strong demand market appetite lingers.
8. EUROPEAN SCRAP MARKET. SILICON CRISIS UNFOLDS: D226 prices in Europe gap up amid skyrocketing prices and lack of silicon availability.
9. EUROPEAN ROLLING MILL ALERT. MAGNESIUM CRISIS HITS EUROPE: Major European rolling mill cancelling 5xxx orders.
10. US CANSHEET ALERT. MORE CANS ON THE WAY: Florida can facility to begin commissioning this month. For more details, please subscribe to our specialized Aluminum Rolled Products Intelligence Report.
11. US EC 1350 SCRAP ALERT. STRONG DEMAND: US consumers continue looking for prompt EC 1350 scrap. For more details, please subscribe to our specialized US and Mexico Aluminum Scrap Intelligence Report.
12. MEXICO SECONDARY ALERT. SECONDARY CRISIS: Silicon prices up... %, secondary ingot margins evaporate. For more details, please subscribe to our specialized US and Mexico Aluminum Scrap Intelligence Report.
13. GREEN ALUMINUM MONITOR: More scrap & scrap recycling and energy shifts.
For more details, please our “Green Aluminum Monitor” released earlier today.
14. LME Cash–3M contango loosens further, but backwardation persists for 2022.
More details in full report.