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LME prices stuck at $1,700-$1,720 per mton range; Mexico’s FRP imports boom; US EC rod spot premiums up to... cent/lb

US WIRE ROD ALERT.

Executive Summary

1. LME prices remain hardly changed; technical support holds while Asia demand concerns persist.

2. LME Cash–3M contango eases to three-week low amid tightening conditions around May.

3. US WIRE ROD ALERT. US EC rod spot premiums up to as high as... cent/lb due to supply hiccups; increase may be short lived as domestic supply is set to increase soon.

4. EUROPEAN BILLET UPDATE. Global billet oversupply weighs on European premiums; P1020 in billet form still being produced; Q2 contractual billet premiums under pressure.

5. MEXICO FRP ALERT. Mexican market is rapidly approaching the threshold of 1.0 million mton of net rolled aluminum products imports (FRP).

6. China’s aluminum prices fall to a three-week low.

More details in full report.