SPECIAL NOTE. HARBOR’s Daily Aluminum Commentary will not be published on Monday, September 1, due to the US Labor Day holiday.
1. LME 3M price rises 2% m/m in August; continues to confirm support above $2,600 per mton.
Prices closed the month well supported above $2,600 per mton. LME 3M aluminum prices closed the session up… 0.4% or $… per mton, closing at $… per mton. Prices held within a narrow trading range of $…
2. ALERT! – US TWITCH. PLENTY OF SCRAP: Twitch deals for September go sideways for third month.
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3. ALERT! – EUROPE D226 AND SECONDARY SCRAP. BACK TO REALITY: D226 demand and prices plunging after the summer break.
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4. ALERT! – EUROPEAN EXTRUSION SCRAP. TOO LITTLE TOO LATE: Secondary billet production set to decline.
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5. ALERT! – BRAZIL. DOWNWARD SPIRAL: Brazil’s P1020 premiums decline to as low as $… per mton.
Domestic P1020 duty-paid premiums continue to decline as spot market appetite remains subdued and underlying B&C and auto sectors demand weakness lingers…
6. LME Cash-3M backwardation narrows from two-month highs.
The Cash-3M backwardation closed the week narrowing to $… per mton from yesterday’s two-month high of $… per mton. The Cash-September backwardation loosened to $… per mton from…
7. China’s aluminum prices hardly changed as range trading prevails.
SHFE front-month aluminum prices closed today’s session marginally higher at… yuan per mton ($… per mton, ex-VAT). Prices traded sideways in a narrow range amid thin…