LME down at $... per mton; oversupplied US market pushing P1020 units to Europe in search of buyers
1. LME price down and hovering around HARBOR’s $... per mton zone, door to lower prices could open before the end of this quarter.
2. China’s aluminum prices down to fresh four-month lows.
3. ALERT! – US MW PREMIUM ALERT – from HARBOR's Market Intelligence and Outlook Unit commentary. CAN’T TAKE THE METAL: Lack of P1020 demand pushing some US consumers to defer volumes and suppliers to warehouse the metal in Europe.
4. ALERT! – US WIRE ROD. SEVEN-YEAR LOWS: US EC rod offshore imports plummet.
5. ALERT! – EUROPE PFA. OUTLOOK CONCERNS: European PFA premiums unchanged, bearishness lingers.
6. ALERT! – GREEN ALUMINUM. NEW GREEN SUPPLIER: Hindalco starts delivering green primary aluminum units.
For more details, subscribe to HARBOR’s specialized “Green Aluminum” reports.
7. LME Cash-3M spread tightens sharply into double-digit backwardation (bearish for P1020 premiums).