LME price up after testing $... per mton; US scrap prices fall further

May 15, 2023

ALERT! – US SECONDARY SCRAP.

1. LME prices regain some more ground after reaching seven-month lows last week; remains inside a narrow short-term trading range of $2,200-$2,350 per mton.

2. China’s aluminum prices hold at the low end of their multi-month trading range.

3. ALERT! – US SECONDARY SCRAP. MORE WEAKNESS: Secondary scrap prices in North America fall further despite slower generation and marginal offshore demand improvement.

For more details, subscribe to HARBOR’s specialized “US and Mexico Aluminum Scrap Intelligence” report.

4. ALERT! – MEXICO UBC. TWO-YEAR LOWS: UBC prices plunge amid lower LME and poor demand.

For more details, subscribe to HARBOR’s specialized “US and Mexico Aluminum Scrap Intelligence” report.

5. LME nearby spreads tighten amid steep May-June backwardation (bearish P1020 spot premiums).

REQUEST A SAMPLE