Selling keeps LME prices depressed around $... per mton; some European and US rolling mills temporary close amid plummeting auto activity
1. LME PRICE UPDATE. LME prices have yet to bottom out as selling keeps them just below $... per mton.
2. ROLLING MILL ALERT. Aleris Lewisport rolling mill to shut down for two weeks.
3. EUROPE SLAB ALERT. Declining auto sheet needs and Italian rolling mill closures are negatively impacting European slab demand and increasing regional oversupply.
4. EUROPEAN BILLET UPDATE. Italian extruders and billet remelters to close starting tonight.
5. MJP PREMIUM ALERT. MJP spot premium falls to low end of the equilibrium range.
6. LME Cash–3M contango widens to a eighteen-month high as nearby conditions loosen further (somewhat supportive of spot P1020 premiums).
7. China’s aluminum prices extend gains amid talk of limited production cutbacks.
More details in full report.