LME price down to $... per mton after plunge in coal prices; Russian export tax on VAP’s cancelled, on P1020 to expire by year-end
October 19, 2021
RUSSIAN EXPORT TAX ALERT.
1. LME price sells off after failing to break $3,200 per mton and as China’s coal price plunges.
2. RUSSIAN EXPORT TAX ALERT. NO MORE EXPORT TAX: Russian export tax on aluminum VAPs has been cancelled; tax on P1020 will expire at the end of the year.
3. SHFE aluminum prices face stronger selling pressure as coal prices plunge.
4. LME backwardation at the far end of the curve eases a bit, Cash‑3M contango continues to narrow.
More details in full report.