LME price finding support at key $... per mton zone; Rio Tinto to expand billet capacity in Quebec
July 13, 2022
US BILLET ALERT.
1. LME price fell to fresh thirteen-month intraday lows but managed to bounce back, amid expected support within the $... per mton zone.
2. US BILLET ALERT. BOOMING BILLET SUPPLY: Rio Tinto to add... mtpy of billet capacity in Quebec, will further reduce North America’s billet imports.
3. US HIGH PURITY ALERT. SECOND WAVE: US P0506 upcharge jump.
4. US WIRE ROD ALERT. STEADY: US EC rod supply and demand strong despite industry headwinds.
5. China’s aluminum prices fall and reach key technical support target.
6. LME nearby spreads remain tight through November, unsupportive for new cash-and-carry deals (bearish P1020 premiums).