Rio Tinto completes strategic acquisition of Matalco; LME closes week near five-week lows

1. HARBOR FIRST! - WORLD BILLET & SLAB. IT’S OFFICIAL: WORLD’S LARGEST AND GREENEST: Rio Tinto completes the strategic acquisition of 50% of Matalco.

2. LME price stuck around five-week lows amid world end-user demand contraction.

3. China’s aluminum price still near three-month lows as support holds for now.

4. ALERT! – EUROPEAN SLAB. BEARISH: European 2024 slab negotiations continue, weak FRP demand remains.

5. ALERT! – EUROPE SECONDARY MARKET. SOARING HIGHER: D226 alloy prices hit nine-month highs as scrap availability plummets.

For more details, subscribe to HARBOR’s specialized “Europe Scrap Intelligence” reports.

6. ALERT! – US HG TURNINGS. GENERATION PLUMMETS: Flows of turnings dry up at many scrap dealers.

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

7. LME Cash-3M contango continues to narrow from eleven-month highs earlier in the week.