Russian Export tax on P1020 to continue in 2022; Silicon hyperinflation propelling 2022 PFA European premiums

1. LME prices hardly changed after testing new 13-year intraday high just above $... per mton. Short-term technical target remains $...per mton.

2. RUSSIAN EXPORT TAX ALERT. EXPORT TAX TO CONTINUE (BULLISH): Russia to keep export tax on P1020 in 2022 but cancel tax on billet, slab, and foundry units.

3. EUROPE PFA ALERT. Silicon, magnesium, and energy cost hyperinflation propelling 2022 PFA premiums to all-time highs. Spot activity nil amid semiconductor crisis.

4. EUROPEAN ROLLING MILL ALERT. MG CRISIS TO IMPACT CONTRACTS IN EUROPE: European rolling mills look to pass on higher costs of magnesium, signed contracts included.

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5. CHINESE ALUMINUM ALERT. HIGHER ENERGY PRICES: Chinese province to sharply increase electricity prices, smelters would still be profitable.

6. SHFE aluminum prices continue to trade at their highest trading range on record.

7. Cash–3M contango narrows from one-month highs amid steep tightness after December.

More details in full report.